Jennifer Hyman Shares Her Secret
Jennifer Hyman, the CEO of Rent the Runway, learned a pivotal lesson in her career as a 22-year-old intern that would later contribute to building her company into a market giant worth $95.93 million. In a recent talk at Stanford Graduate School of Business, she emphasized the importance of being likable in achieving her goals. This lesson not only helped her persuade colleagues but also played a significant role in convincing prominent designers to partner with her. In this article, we delve into the journey of how likability became the driving force behind Jennifer Hyman’s success.
Read also: From University Degree to Million-Dollar Venture: Serene Lim’s Journey of Entrepreneurial Success
The Lesson as an Intern: “Be Likable”
Jennifer Hyman’s career-defining lesson came during her internship at Starwood Hotels and Resorts. While she had an innovative idea for honeymoon registries, it wasn’t an easy sell to the company’s president. Instead of immediately embracing her concept, Hyman had to rally her colleagues to build a website, reservation system, and essentially create a new business. She realized that having a great idea was insufficient; she needed to be likable. This experience taught her that you don’t need authority to be a leader.
“I had to influence hundreds of people around the world in different divisions to help me,” said Jennifer Hyman.
“It was just an exercise for me, and [I realized] you don’t need to have authority to actually be a leader.”
Applying the Lesson to Rent the Runway
Six years later, in 2008, when she co-founded Rent the Runway, Hyman understood that people would only sign up for their clothing rental service if they offered renowned designer brands. This meant reaching out to prominent designers like Diane von Furstenberg (DVF). Despite initial skepticism, Hyman’s likability became a pivotal factor. She listened to DVF’s concerns and showcased how Rent the Runway could help her grow her consumer base by targeting a younger demographic. This approach impressed DVF and led to a successful partnership.
The Science of Likability: Research Backs It Up
Jennifer Hyman’s strategy of being warm, engaging, and actively listening aligns with research findings. A Harvard University study from 2017 revealed that people who listen and ask questions are perceived as more responsive, which is associated with understanding, validation, and care. Additionally, a 2009 study in the Personality and Social Psychology Bulletin found that warm and friendly behavior increases persuasiveness, even in the presence of social pessimism.
The Ongoing Influence of Likability
Jennifer Hyman continues to apply the principle of likability in her leadership approach. She recognizes that influential leadership, especially when positive, is a potent force in building successful ventures. Rent the Runway, co-founded in 2009, has since evolved and expanded its offerings, democratizing designer fashion and empowering people to feel their best every day.
Rent the Runway’s Journey
December 2008 – The Meeting that Changed Everything
In the fashion world, innovation often starts with a daring idea and a bold move. This was certainly the case when Jenn and Jenny decided to take the fashion industry by storm. They embarked on an ambitious journey that would ultimately redefine how women approach dressing up. Their story begins in December 2008, with a meeting that changed everything.
Jenn and Jenny, the co-founders of Rent the Runway, pondered whether the fashion industry would embrace their groundbreaking concept. They took a leap of faith and cold-emailed none other than Diane von Furstenberg, a legendary figure in the fashion world. To their amazement, Diane agreed to a meeting. Why not start at the top?
Walking into Diane’s office, they introduced themselves and their vision. While Diane initially had her reservations, she saw potential in their idea. She offered invaluable business advice and gave them each a good luck charm. Little did they know, this meeting would set them on a path to disrupt the fashion landscape.
April 2009 – Testing the Waters
With newfound inspiration and determination, Jenn, Jenny, and Becky set up a pop-up shop on Harvard’s campus. Here, students could try on and rent dresses on the spot. It was an experiment that would change their lives. Witnessing the excited reactions of their peers, they realized that renting fashion items could make women feel amazing. This revelation solidified Rent the Runway’s mission: to empower women to feel their best every day.
November 2009 – Rent the Runway is Born
Over the course of several months, Jenn, Jenny, along with a dedicated team and a fleet of interns, worked tirelessly to bring the Rent the Runway website to life. They wanted to make this concept accessible to women nationwide. Finally, on November 10th, 2009, the Rent the Runway website was born.
May 2010 – Accessories Now Available to Rent
Rent the Runway’s evolution didn’t stop with dresses. Designer necklaces, earrings, handbags—everything a fashion-forward individual would need to complete their look became available on RTR. It was a game-changer, making luxury accessories accessible to all.
September 2013 – Launched Plus Size Category
In 2013, Rent the Runway took a significant step towards inclusivity and diversity. As part of their mission to democratize designer fashion and boost self-confidence, they introduced a range of plus-size items, catering to sizes 14-22+. This move resonated with a broader audience and marked another milestone in their journey.
October 2014 – First Brick-And-Mortar Store
After successful experiments with ‘shop-in-shops’ at Henri Bendel in New York and The Cosmopolitan hotel in Las Vegas, Rent the Runway took a bold step by opening its first-ever standalone store. Nestled in the iconic Flatiron building in New York City, this store marked a new chapter in their mission to make high-end fashion accessible.
March 2016 – Launch of Monthly Subscriptions
March 2016 witnessed a revolutionary change in how people experienced fashion. Rent the Runway introduced its memberships—a first-of-its-kind clothing rental subscription that transformed the way people dressed. Getting dressed was no longer a mundane task; it became an opportunity to explore, experiment, and redefine one’s style. To this day, Rent the Runway continues to evolve its memberships, offering people more access and flexibility to a vast closet of designer styles.
In conclusion, Rent the Runway’s journey is a testament to the power of innovation and the willingness to challenge the status quo. From a daring meeting with Diane von Furstenberg to revolutionizing the way people approach fashion, Jenn, Jenny, and their team have created a brand that empowers women to look and feel their best every day.
Key Takeaway
Jennifer Hyman’s journey from being an intern with an innovative idea to the CEO of a multimillion-dollar company underscores the significance of likability in achieving success. Her ability to connect with colleagues and influential designers through warmth, engagement, and active listening has been a key driver in building her empire. As she continues to lead Rent the Runway, the lesson that likability is a powerful tool remains at the core of her leadership philosophy.
