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E-retailer Rent the Runway fashions an acquisition
Go Try it On enables iPhone users to share style advice.
E-retailer Rent the Runway, which rents designer dresses and accessories to consumers, has bought Go Try It On Inc. The purchase price was not disclosed.
The company, launched in 2010, has a mobile application that consumers use to discuss style ideas—for instance, by sharing photos and receiving advice about what to wear and buy. “As part of the acquisition, Rent the Runway will benefit from their database of style-conscious women,” Rent the Runway says.
Go Try It On has attracted more than 400,000 users of its iPhone app. Go Try it On CEO Marissa Evans joins Rent the Runway as head of “radical innovation,” a new position. Two other full-time employees and one part-time employee also will have jobs at Rent the Runway, a spokeswoman for retailer says. Go Try it On's web site lists eight employees.
"Go Try It On is a natural fit for Rent the Runway considering its user base is greatly aligned with our customers," says Jennifer Hyman, CEO and co-founder of Rent the Runway. "Beyond that, we are looking forward to the expertise and leadership Marissa will bring to our Radical Innovation team, from which we anticipate initiatives that will revolutionize our business in the years to come."
In November 2012, Rent the Runway raised $20 million in capital; the company has raised at least $51 million total.