Jennifer Hyman

Jennifer Hyman is an American entrepreneur and business executive best known as the co-founder and CEO of the fashion technology company Rent the Runway. A graduate of Harvard University, she developed the concept for the company while attending Harvard Business School, launching it in 2009 with co-founder Jennifer Fleiss. Under her leadership, Rent the Runway pioneered the clothing rental model, disrupting the traditional retail and fashion industry and becoming a prominent player in the sharing economy. Hyman has been recognized with numerous awards, including being named to *Time* magazine's list of the 100 most influential people and to *Fortune* magazine's 40 Under 40 list.

Early life and education

Born in New York City, Hyman was raised in a family with a background in real estate and law. She attended Scarsdale High School before enrolling at Harvard University, where she studied under noted professor Michael Porter and graduated with a degree in psychology. After working in roles at Starwood Hotels and Resorts and Lifetime Television, she returned to academia, earning her Master of Business Administration from Harvard Business School. It was during her time at HBS that the initial idea for Rent the Runway was conceived, inspired by observing her sister's spending habits on designer apparel for events.

Career

Prior to founding her own company, Hyman gained valuable experience in marketing and business development. Her early career included a position in the leadership development program at Starwood Hotels and Resorts, followed by work in advertising sales for Lifetime Television. These roles provided her with insights into consumer behavior and brand management, skills she would later apply to building Rent the Runway. After business school, she briefly worked at IMG, the global sports and fashion agency, further immersing herself in the fashion industry before dedicating herself fully to her startup venture.

Rent the Runway

Hyman co-founded Rent the Runway in 2009 with fellow Harvard Business School student Jennifer Fleiss. The company's innovative business model allows customers to rent designer dresses, accessories, and later, everyday wardrobe items via a subscription service, challenging traditional notions of ownership in fashion. Key to its growth was securing early backing from prominent venture capital firms like Bain Capital Ventures and Kleiner Perkins. Under Hyman's leadership as CEO, the company expanded its offerings to include the "RTR Update" and "RTR Reserve" programs, opened physical brick and mortar locations in cities like New York City and Los Angeles, and navigated a significant shift in strategy during the COVID-19 pandemic. The company achieved a major milestone with its initial public offering on the NASDAQ in October 2021, solidifying its status as a leader in the circular economy.

Awards and recognition

Hyman's work has been widely recognized by major business and media institutions. She has been featured on the covers of *Forbes* and *Inc.* magazine, and was named to the Time 100 list of the world's most influential people in 2022. Her accolades include spots on *Fortune*'s 40 Under 40 and Most Powerful Women lists, as well as recognition from Fast Company as one of the Most Creative People in Business. She has also received the Ernst & Young Entrepreneur of the Year Award and was honored by the Council of Fashion Designers of America with the Founders Award in honor of Eleanor Lambert.

Personal life

Hyman is married to private equity executive Michael B. Kim, founder of MBK Partners. The couple, who wed in 2018, have two children and reside in New York City. She is actively involved in philanthropic and mentorship efforts, particularly supporting female entrepreneurship and education initiatives. Hyman serves on the board of directors for the Robin Hood Foundation, a prominent poverty-fighting organization in New York, and is a member of the Harvard Business School Board of Dean's Advisors.

Category:American chief executives Category:American women in business Category:Harvard University alumni Category:1980 births Category:Living people