Rent the Runway, the American fashion rental platform, officially filed for initial public offering (IPO) earlier this week.
Despite the mounting losses that the online platform suffered owing to the pandemic menace, it added that its subscriber base has been growing lately.
Notably, Rent the Runway now plans to list on the NASDAQ exchange with the ticker symbol Rent.
In 2020, Rent the Runway had in total 95,245 subscribers (including those who paused membership), while in 2019 it was 147,866. As far as active subscribers are concerned, the numbers fell from 133,572 in 2019 to 54,797 in 2020.
The number of subscribers has, however, improved in 2021. The online platform counted 126,841 total subscribers in the six months ended 31 July 2021, compared with 108,752 in the same period in 2020. It had 97,614 active subscribers till 31 July 2021.
Back in July 2021, the fashion rental platform had confidentially filed for an IPO with the Securities and Exchange Commission (SEC), but had not set any date for IPO.
In a memo included in the SEC filing, Jenn Hyman, Co-founder and CEO, Rent the Runway, said that the American rental platform has now emerged stronger.
Going forward, the retailer also plans to launch into new categories and expand internationally.