“We know we have broken complete customer trust.' - Rent the Runway's chief executive
The millennial generation’s embrace of renting rather than owning has spread far beyond housing and ride-sharing, and even some traditional major retailers are taking notice.
Rent the Runway’s latest troubles began Sept. 13 after it installed a new system in its New Jersey warehouse, Hyman said. The integration of the new system wreaked havoc on fulfillment, affecting the number of orders that could be shipped each day. Ultimately, the new software should be “the most significant transformation in our company’s history,” said Hyman. It is supposed to enable the company to make items available faster, thanks to a new racking system for inventory.
Hyman said the problems affected 14% of Rent the Runway’s subscriber base and a smaller percentage of event renters. The company’s supply-chain head, Marv Cunningham — who previously worked at Target Corp. and Amazon Inc. — is stepping down after about a year in the role.In recent weeks, Rent the Runway’s social media pages have been inundated with complaints from customers who weren’t able to get help from customer service representatives.
The company was founded in 2009 by Hyman and Jennifer Fleiss, who now works at Walmart Inc., as a rental platform for women to get outfits for special events. It has since grown rapidly into a subscription business, with most of its customers now paying a monthly fee of $159 to rent items, including Kate Spade dresses and Oscar de la Renta earrings, for everyday use.
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