The details of Rent the Runway’s IPO filing were made public this week, revealing a big drop in revenue for the fashion subscription and rental retailer.
Rent the Runway, founded in 2009, lets users rent clothes and shop second-hand merchandise from more than 750 designer brands. The company shut down most of its physical stores last year.
Rent the Runway confidentially filed for a listing in July with the U.S. Securities and Exchange commission. The filing states that they made just over $157 million in 2020, down from nearly $260 million a year earlier.
Demand for second-hand clothes has jumped in recent months as customers become increasingly conscious about their carbon footprint.
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.
Rent the Runway will list its stock on Nasdaq under the symbol “RENT”.