Plus, the platform offers subscriptions for high-end apparel, everyday wear, and even weddings.
The subscription model (with memberships starting at $69/month) combined with a vast 750+ designer partner pool helps the company generate major revenue. While some constituents outed AOC for wearing luxury clothing while supporting income equity and environmental issues, she retorted by letting everyone know her outfits were Rent the Runway rentals.Īs fast fashion gets the boot in many circles, Rent the Runway serves as a major industry disruptor. Her subscription allowed her to sport different business looks without having to purchase a single item. New York Congresswoman Alexandria Ocasio-Cortez famously repped Rent the Runway on the campaign trail in 2019. In true founders fashion, Hyman and Fleiss met while attending Harvard Business School. Two women with the same first name, Jennifer Hyman and Jennifer Fleiss, founded Rent the Runway in November 2009.
Related: Why new IPOs aren’t available at market open Rent the Runway’s women-led company history The Rent the Runway IPO date remains under wraps, as does the ticker symbol, share price, and number of shares.In 2019, the company ceased operations during a “customer service meltdown.” Rent the Runway has since bounced back.Currently, Rent the Runway generates about $100 million in revenue annually.Together, they have grown the company to an $800 million+ valuation. Hyman and Fleiss originally met at Harvard Business School.
Rent the runway ipo registration#
Rent the Runway founders Jenn Hyman and Jenny Fleiss filed a confidential registration statement with the SEC, citing their intention to go public.Here’s what to know about Rent the Runway as this company makes its way down the catwalk toward an eventual public offering.
With that in mind, an impending IPO for the designer apparel rental site Rent the Runway makes total sense. Loungewear may have taken the spotlight during the pandemic (which is why Crocs stock is up 243 percent over the last year), but dressing to the nines is coming back as social gatherings return.
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