{"id":122358,"date":"2021-10-04T23:32:03","date_gmt":"2021-10-04T23:32:03","guid":{"rendered":"https:\/\/fin2me.com\/?p=122358"},"modified":"2021-10-04T23:32:03","modified_gmt":"2021-10-04T23:32:03","slug":"fashion-rental-company-rent-the-runway-discloses-drop-in-revenue-in-ipo-filing","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/fashion-rental-company-rent-the-runway-discloses-drop-in-revenue-in-ipo-filing\/","title":{"rendered":"Fashion rental company Rent the Runway discloses drop in revenue in IPO filing"},"content":{"rendered":"
A person moves through clothing in the storage area at Rent the Runway’s “Dream Fulfillment Center” in Secaucus, New Jersey, U.S., September 11, 2019. Picture taken September 11, 2019. REUTERS\/Andrew Kelly\/Files<\/figcaption>

(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.<\/p>\n

In its filing here 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The company\u2019s 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.<\/p>\n

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. (bloom.bg\/3mt348h)<\/p>\n

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.<\/p>\n

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.<\/p>\n

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 \u201cRENT\u201d.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

A person moves through clothing in the storage area at Rent the Runway’s “Dream Fulfillment Center” in Secaucus, New Jersey, U.S., September 11, 2019. 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