• Email Us: [email protected]
  • Contact Us: +1 718 874 1545
  • Skip to main content
  • Skip to primary sidebar

Medical Market Report

  • Home
  • All Reports
  • About Us
  • Contact Us

Fashion rental company Rent the Runway discloses drop in revenue in IPO filing

October 5, 2021 by David Barret Leave a Comment

October 5, 2021

(Reuters) – Fashion rental company Rent the Runway on Monday made public its paperwork for a U.S. stock market flotation, joining a bunch of retailers looking to cash in on the record boom in capital markets since last year.

In its filing with the U.S. Securities and Exchange Commission, the Brooklyn, New York-based company disclosed a near 39% drop in revenue for the fiscal year 2020.

Rent the Runway, which was founded in 2009, lets users rent clothes and shop second-hand merchandise from over 750 designer brands. It had confidentially filed for a listing in July.

The company reported 2020 revenue of $157.5 million, down from $256.9 million a year earlier. Its net loss widened to $171.1 million in the same period, from $153.9 million a year earlier.

The company’s top-line also took a hit in the first half of this fiscal year, with revenue down 9% for the six months ended July 31.

Rent the Runway raised funds last year at a valuation of $750 million, below its previous valuation of $1 billion, Bloomberg News reported in June. (https://bloom.bg/3mt348h)

Demand for second-hand clothes has jumped in recent months as customers become increasingly conscious about their carbon footprint, boosting revenues at subscription-based styling service Stitch Fix and online resale shop ThredUp.

Positive investor sentiment and fertile market conditions for new listings also helped other retailers like eyewear company Warby Parker and Roger Federer-backed shoemaker On Holding AG ace their market debuts last month.

Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the offering. Rent the Runway will list its stock on Nasdaq under the symbol “RENT”.

(Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)

Source Link Fashion rental company Rent the Runway discloses drop in revenue in IPO filing

David Barret
David Barret

Related posts:

  1. Mexican president’s legal counsel steps down, ally to step in
  2. The best PlayStation Classic prices and sales for September 2021
  3. Adobe jumps into e-commerce payments business in challenge to Shopify
  4. Investors with $4 trln assets aim to tackle Asian firms on climate change goals

Filed Under: News

Reader Interactions

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Primary Sidebar

  • The Bizarre 1997 Experiment That Made A Frog Levitate
  • There’s A Very Good Reason Why October 1582 On Your Phone Is Missing 10 Days
  • Skynet-1A: Military Spacecraft Launched 56 Years Ago Has Been Moved By Persons Unknown
  • There’s A Simple Solution To Helping Avoid Erectile Dysfunction (But You’re Not Going To Like It)
  • Interstellar Object 3I/ATLAS May Be 10 Billion Years Old, This Rare Spider Is Half-Female, Half-Male Split Down The Middle, And Much More This Week
  • Why Do Trains Not Have Seatbelts? It’s Probably Not What You Think
  • World’s Driest Hot Desert Just Burst Into A Rare And Fleeting Desert Bloom
  • Theoretical Dark Matter Infernos Could Melt The Earth’s Core, Turning It Liquid
  • North America’s Largest Mammal Once Numbered 60 Million – Then Humans Nearly Drove It To Extinction
  • North America’s Largest Ever Land Animal Was A 21-Meter-Long Titan
  • A Two-Headed Fossil, 50/50 Spider, And World-First Butt Drag
  • Interstellar Comet 3I/ATLAS Is Losing Buckets Of Water Every Second – And It’s Got Cyanide
  • “A Historic Shift”: Renewables Generated More Power Than Coal Globally For First Time
  • The World’s Oldest Known Snake In Captivity Became A Mom At 62 – No Dad Required
  • Biggest Ocean Current On Earth Is Set To Shift, Spelling Huge Changes For Ecosystems
  • Why Are The Continents All Bunched Up On One Side Of The Planet?
  • Why Can’t We Reach Absolute Zero?
  • “We Were Onto Something”: Highest Resolution Radio Arc Shows The Lowest Mass Dark Object Yet
  • How Headsets Made For Cyclists Are Giving Hearing And Hope To Kids With Glue Ear
  • It Was Thought Only One Mammal On Earth Had Iridescent Fur – Turns Out There’s More
  • Business
  • Health
  • News
  • Science
  • Technology
  • +1 718 874 1545
  • +91 78878 22626
  • [email protected]
Office Address
Prudour Pvt. Ltd. 420 Lexington Avenue Suite 300 New York City, NY 10170.

Powered by Prudour Network

Copyrights © 2025 · Medical Market Report. All Rights Reserved.

Go to mobile version