Tuesday, October 19

Fashion rental company Rent the Runway makes IPO filing public


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Rent the Runway on Monday made public its paperwork for a stock market flotation in the United States, disclosing a near 39% drop in revenue for the fashion rental company last year.

The company reported revenue of $157.5 million for the fiscal year 2020, 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.

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. Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the offering. (Reporting by Niket Nishant in Bengaluru; Editing by Shailesh Kuber)



financialpost.com

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