Rent the Runway, the succesful online dress and accessories rental company, announced today that it has acquired Go Try It On.
“Go Try It On is a natural fit for Rent the Runway considering its user base is greatly aligned with our customers,” said Jennifer Hyman, CEO and Co-founder of Rent the Runway in a release.
Go Try It On, the app that let users share photos and style advice, will shutter, and its founder and CEO, Marissa Evans, will lead a new "Radical Innovation" team at Rent the Runway.
"Sounds like something pretty crazy, eh?" said Evans when I asked her about the new team. "But no, it’s a group, which will get to innovate and try new things to test out for our members. We hope to work in a lean way and to not be afraid to fail, and to really think about ways to get the customer back to the site more often."
It's another smart move for Rent the Runway. The tools and experience Evans brings from the social and mobile worlds should propel the site to even greater success. As retail shifts more and more to mobile and tablet, Rent the Runway, with its already three million plus strong network of young users who are keen to post photos and give feedback online, is in a prime position to make innovations and take advantage on that front.
"I think that letting people share how they feel about products in their authentic voice is very attractive," said Evans. "And we are seeing a whole new generation of consumers with channels to distribute their messages, their perspective on fashion, beauty, travel, whatever it is they love. Being a part of this wave of how the general public consumes information is very important."
Go Try It On, which was founded in 2010, began conversations with Rent the Runway earlier this year. Evans and Rent the Runway's Jenn Hyman are both Harvard Business School alums, and run in the same entrepreneurial circles. "I felt that RTR was leading the charge in what the future of fashion and retail would look like," Evans said.
Needless to say, we'll be keeping a careful eye on Rent the Runway to see what comes out of the "Radical Innovation" team.