Being able to rent a couture gown for a special event is nothing new but a new service, Rent the Runway, hopes to streamline the process and become, as the NY Times describes it, a Netflix for haute couture. The site was founded by two recent Harvard Business School graduates, Jennifer Hyman and Jennifer Carter Fleiss. A four-night dress rental can cost from $50 to $200 depending on the value of the gown. Pieces can be rented for either four or eight days.

The gowns bear some well-known labels: Diane Von Furstenberg, Hervé Léger and Proenza Schouler are among the offerings and Christian Siriano will be offering his new collection on the site. To begin the process you choose a gown and reserve your dates. A dress will arrive within a couple days of your event. Dresses come with a Fit Kit which includes double-sided tape,deodorant wipes, and a bra converter. The services also promises that stylists will be available by phone during normal business hours to offer advice and help. After wearing, you send it off in a pre-paid, pre-addressed return envelope. The service handles the dry cleaning.

The NY Times profile on the service says that more than more than 20,000 women have joined. The service has only been shipping dresses for only a week. Part of the risk of this business it requires a constant rotation of fashionable dresses which will only be in play for a season or two. Several services including Avelle (formerly Bag, Borrow or Steal) already offer accessories like handbags, sunglasses, jewelry for rent. Adorn Brides offers high-end jewelry featuring diamonds, pearls and colored gemstones for brides and bridesmaids.