There have been many great ideas in the past few years with fashion moving online, including trade shows, that have been generating considerable start-up capital. Two of those, Rent The Runway and Go Try It On, have just joined forces.
Rent The Runway, which offers up designer clothing and accessories for low-cost rental for 4 days ranging from $50-$200 just purchased Go Try It On, a cool file sharing photo app that allows users to take images of themselves in various designer outfits with Insta-like filters for an undisclosed amount today, June 25, 2013.
Go Try It On, is an interesting community-based site, but also is a marketing tool for top brands that appreciate that users are naming their brands, and describing the various items in their own words as they post images and encourage their community to comment on their latest looks. You can also share your Go Try It On looks on your Facebook page which broadens the market considerably.
Rent The Runway also recently partnered with Beyonce and her The Mrs. Carter Show World Tour, whereby Beyonce picks her favorite Rent The Runway styles in the Beyonce Boutqiue. This gives fans of Beyonce an idea of what the diva thinks is hot and obviously promotes the brands listed in her boutique which includes a high percentage of short dresses or outfits with some element of shimmering bling factor.
Go Try It On also partnered with heavy-weights such as Barney’s New York, Net-a-Porter.com, and raised capital of up to $3 million from SPA Investments. It has about 400,000 iPhone users.
Rent The Runway has raised $54 million and is backed by Conde Nast Publications, Bain Capital Ventures, AmEx, and several others and carrying up to 170 designer brands currently.
Part of the deal is that now, Go Try It On’s founder Marissa Evans will be the new Rent The Runway “Head of Radical Innovation” which they reportedly needed has those in fashion who understand technology are currently in high demand.
