The firm, founded in 2009, allows customers rent and store next-hand clothes and components these types of as handbags and jewelry in more than eighteen,000 styles from additional than 750 designer models. It also will allow consumers to rent and store house goods.
Rent the Runway programs to market 15 million shares priced between $eighteen.00 and $21.00 apiece in its IPO, boosting $315 million, according to a filing.
Before this month, the Brooklyn, New York-primarily based firm disclosed a near 39% drop in earnings for the fiscal calendar year 2020. Its prime line also took a strike in the to start with half of this fiscal calendar year, with earnings down 9% for the period ended July 31.
Rent the Runway explained its energetic subscribers additional than doubled to 111,732 in the to start with 9 months of 2021.
Demand for next-hand clothes has jumped in current months as consumers become significantly conscious about their carbon footprint, boosting revenues at styling support Stitch Resolve and on line resale store ThredUp.
Goldman Sachs & Co, Morgan Stanley and Barclays are the direct underwriters for the giving. Rent the Runway will record its stock on the Nasdaq below the image “Rent”.