• 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

  • If We Found Life On Mars, What Would That Mean For The Fermi Paradox And The Great Filter?
  • The Longest Living Mammals Are Giants That Live Up To 200 Years In The Icy Arctic
  • Entirely New Virus Detected In Bat Urine, And It’s Only The 4th Of Its Kind Ever Isolated
  • The First Ever Full Asteroid History: From Its Doomed Discovery To Collecting Its Meteorites
  • World’s Oldest Pachycephalosaur Fossil Pushes Back These Dinosaurs’ Emergence By 15 Million Years
  • The Hole In The Ozone Layer Is Healing And On Track For Full Recovery In The 21st Century, Thanks To Science
  • First Sweet Potato Genome Reveals They’re Hybrids With A Puzzling Past And 6 Sets Of Chromosomes
  • Why Is The Top Of Canada So Sparsely Populated? Meet The “Canadian Shield”
  • Humans Are In The Middle Of “A Great Evolutionary Transition”, New Paper Claims
  • Why Do Some Toilets Have Two Flush Buttons?
  • 130-Year-Old Butter Additive Discovered In Danish Basement Contains Bacteria From The 1890s
  • Prehistoric Humans Made Necklaces From Marine Mollusk Fossils 20,000 Years Ago
  • Zond 5: In 1968 Two Soviet Steppe Tortoises Beat Humans To Orbiting Around The Moon
  • Why Cats Adapted This Defense Mechanism From Snakes
  • Mother Orca Seen Carrying Dead Calf Once Again On Washington Coast
  • A Busy Spider Season Is Brewing: Why This Fall Could See A Boom Of Arachnid Activity
  • What Alternatives Are There To The Big Bang Model?
  • Magnetic Flip Seen Around First Photographed Black Hole Pushes “Models To The Limit”
  • Something Out Of Nothing: New Approach Mimics Matter Creation Using Superfluid Helium
  • Surströmming: Why Sweden’s Stinky Fermented Fish Smells So Bad (But People Still Eat It)
  • 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