In a recent "Off The Tape" segment on CNBC's Mad Money on CNBC, Jim Cramer sat down with Jennifer Hyman, co-founder and CEO of the privately-held Rent The Runway, the clothing rental company with over nine million customers and annual revenue topping $100 million.
Hyman explained to Cramer that Rent The Runway began renting apparel just for special occasions. The company quickly expanded into monthly subscriptions where members have unlimited possibilities for the things they wear every day.
She called her company a better asset utilization model, since most garments you buy are only worn a handful of times.
"Think about apparel like your stock portfolio," Hyman said to Cramer on the show. "You have things you want to invest in, like a good pair of jeans, while other things you may simply want to try out and rent for a while."
Hyman also explained how equalizing benefits between hourly and corporate workers has made talent a competitive advantage for her company, as everyone is fully invested in the mission.
In the video above, we talked with her co-founder Jenny Fleiss.
And while she has experienced all stages of entrepreneurship, she prefers the early stages. Since her company is no longer in its infancy, she decided to move on.
She has stepped down from Rent the Runway and joined a new start up called Code Eight, which is a division of Walmart's (WMT) new technology incubator. Listen in to hear her story.
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