Eighty Percent, Five Hundred Billion Dollars, Four Trillion Dollars discussed on Boss Files with Poppy Harlow

Automatic TRANSCRIPT

Jump yeah a little bit more but what is your what is it no it's close to nine million nine who are now part of our own that own that many people think of rent the runway as a fashion company it's not right it's a technology company it is but let's actually talk about that for a second there are three things that humans need to do every single day we need to eat we need to get somewhere and we need to put clothes on our body clothing that is why it's one of the three biggest consumer facing industries on earth so the business of clothing is a two point four trillion dollar annual industry now somehow when we say oh it's a fashion business that's immediately look down it is and i don't know why and it's looked down upon because the word fashion is associated with being feminine it's associated with new york with vogue magazine with superficiality but the ideas we don't live in a nudist society right now people spend money on clothing whether they like it or not and it's actually a significant portion of your take home income that you're spending on clothing so what we're trying to do is disrupt that because we all have these storage facilities in the middle of our bedrooms we call them closets were eighty percent of the stuff in that closet is used in its lifetime three times or less so i think that the very fact yes we are a technology company because we are fundamentally building the clause in the cloud but we're also a fashion company and i'm very proud to say that and proud to change this myth that because we are a quote unquote fashion company that that means we're small we're going after one of the biggest markets on earth you say bluntly do not buy cheap clothing and you've even gone as far as to say you know we're going to put companies like h zara out of business these are huge enormous enormous clothing companies really no one's gonna stop me it's gonna take a while but h or are out of business but the amount of energy that is consumed actually in the creation of just one article of clothing is enormous fashion is the second most polluted industry on earth after oil and gas which is kind of a little known fact and every year i said the industry is two point four trillion dollars will how much do you think goes into a landfill every year an npr did this fascinating series where they traced a t shirt and the origins of where the cotton came from and where it was made in all the shipping that it takes to go back and forth and all the energy goes into these subjects five hundred billion dollars worth of clothes are thrown into landfills on an annual basis so we throw away over twenty percent of the industry every single year into the ground that's because eighty percent of all close so sold are warned three times or less in their lifetime so my company pioneered this really simple vision where the customer value prop.

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