Inside the fight to save Rent the Runway

Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Read on for an inside look at Rent the Runway CEO Jennifer Hyman’s fight to save her company, the LeBron James of investing, and turf wars and trust issues at Google Health

rent the runway jennifer hyman profile

Rent the Runway CEO Jenn Hyman
Cindy Ord/Getty Images for Girlboss Rally NYC 2018; Hollis Johnson/Business Insider; Samantha Lee/Business Insider


President Trump’s announcement on Friday that he had tested positive for the coronavirus capped a chaotic week that started with the New York Times releasing a blockbuster report detailing Trump’s financial records and included a shouting match at the debate against Democratic presidential nominee Joe Biden. Here’s the latest:

You can also join us on Monday to learn about the race for a coronavirus vaccine. Healthcare reporter Andrew Dunn will discuss the road ahead with three leading experts on October 5th at 2:00 p.m. ET. Sign up here. 

The fight to save Rent the Runway

From Becky Peterson:

A few months ago, the best way to see the influence of Jenn Hyman’s business was to visit any office mail room in Manhattan.

The heaps of dark garment bags that piled up each morning contained designer clothing worn by female employees of every rank and level waiting to be shipped back to Hyman’s startup, Rent the Runway.

For the female office workers who dropped off the bags and awaited their next delivery, Rent the Runway was as essential to the job as a laptop. If you liked someone’s outfit and asked them where they got it, the answer was usually Rent the Runway.

Today, chances are those devoted customers are working from home, if they still have a job, and they are not decked out in $400 sheath dresses. The coronavirus has swept away the piles of dark bags along with Rent the Runway’s revenue stream.

Becky spent hours talking to Hyman and spoke to more than two dozen of her colleagues and former coworkers. Per her story:

The picture that emerged was of a smart, visionary leader who’s proved to be resolute in a crisis and who has not been afraid to speak out about her experience as a female CEO in a male-dominated industry. But that outspokenness has sometimes been received as that of a leader who can’t handle criticism.

You can read the full story here:

The LeBron James of investing

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D1 Capital founder Dan Sundheim
Alastair Grant/AP Photo; Streeter Lecka/Getty Images; Brendan McDermid/Reuters; Scott Olson/Getty Images; Samantha Lee/Business Insider

From Bradley Saacks and Alex Morrell:

Dan Sundheim has quickly become an investor to follow since launching his fund D1 Capital after working as the chief investment officer at Andreas Halvorsen’s Viking Global.

The Wharton grad has at least $1 billion in personal wealth between his assets in his firm, stake in the NBA’s Charlotte Hornets, real-estate portfolio, and art collection, which includes a Jean-Michel Basquiat that he bought off the disgraced financier Jho Low.

Despite his flashy purchases, those who have known Sundheim for decades say he’s still the same guy he was when he was a 20-year-old frat brother at the University of Pennsylvania — a low-key, smart friend who never seems to get too worked up about anything.

His investing prowess, though, has become the stuff of legends, with D1 returning more than 78% after fees in its public-equity portfolio since it launched about two years ago.

You can read the full story here:

Also read:

Turf wars and trust issues at Google Health

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HLTH; Samantha Lee/Business Insider

From Blake Dodge and Hugh Langley:

Nearly two years since Google Health came together, it’s still unclear how the group fits into the company’s bigger vision for healthcare or how it’ll make money, Business Insider has learned through conversations with former and current Alphabet employees, a review of internal documents, and conversations with healthcare-industry experts.

Google Health’s work with search and clinical tools is promising, but it’s early and the group leans heavily on other parts of Google for partnerships. Much of the past 20 months has been spent ironing out its goals and how it fits in with other health-focused parts of the business, such as Google Cloud and Verily.

While Google Health has struck up deals to work with large health systems such as Ascension and Stanford Medicine over the past two years, talks with some other major players including CVS Health and The Gates Foundation have fallen apart along the way, Business Insider has learned. Experts within the healthcare industry are still confused over what Google Health actually does.

You can read the full story here:

Also read:

ICYMI: Former Trump campaign manager Brad Parscale told friends he was under federal investigation

Brad Parscale out

Brad Parscale
Saul Loeb/Getty Images

From Tom LoBianco:

Days before the former Trump campaign manager Brad Parscale was detained by the Florida police over concerns he might hurt himself, he had told campaign staff members and friends that he was under federal investigation.

You can read the full story here:

Here are some headlines from the past week you might have missed. 

— Matt

Real-estate titan David Simon is reshaping America’s malls. Insiders reveal how he’s facing a make-or-break moment with a $2 billion bet on troubled JCPenney.

KPMG just axed 1,400 US jobs across tax, audit, and advisory businesses and is also cutting some workers’ pay

Meet the 38 people on Biden’s transition team preparing to demolish Trump’s legacy next January

Here’s the pitch deck that persuaded Goop backer Greycroft to fund beauty clinic startup Sisu for its US expansion

Stripe salaries revealed: From $74,984 to $300,000.00 a year, here’s how much the $36 billio n unicorn pays its employees

Meet 16 bankers, lawyers, and capital providers helping engineer a $40 billion blank-check craze that’s fast-tracking companies to public markets

Meet the man who hooks up ultrawealthy Americans with the 2nd passports they need to leave the country. An island in the Caribbean is his most in-demand location.

People were offended when Clubhouse hosted an anti-Semitic discussion on the holiest day of the year for Jews

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