Fashion rental company Rent the Runway discloses drop in revenue in IPO filing By Reuters
© Reuters. An individual strikes via clothes within the storage space at Hire the Runway’s “Dream Success Heart” in Secaucus, New Jersey, U.S., September 11, 2019. Image taken September 11, 2019. REUTERS/Andrew Kelly/Information
(Reuters) -Trend rental firm Hire the Runway on Monday made public its paperwork for a U.S. inventory market flotation, becoming a member of a bunch of shops seeking to money in on the report growth in capital markets since final 12 months.
In its submitting https://www.sec.gov/Archives/edgar/knowledge/1468327/000119312521291103/d194411ds1.htm#tx194411_10 with the U.S. Securities and Alternate Fee, the Brooklyn, New York-based firm disclosed a close to 39% drop in income for the fiscal 12 months 2020.
Hire the Runway, which was based in 2009, lets customers lease garments and store second-hand merchandise from over 750 designer manufacturers. It had confidentially filed for a list in July.
The corporate reported 2020 income of $157.5 million, down from $256.9 million a 12 months earlier. Its internet loss widened to $171.1 million in the identical interval, from $153.9 million a 12 months earlier.
The corporate’s top-line additionally took a success within the first half of this fiscal 12 months, with income down 9% for the six months ended July 31.
Hire the Runway raised funds final 12 months at a valuation of $750 million, under its earlier valuation of $1 billion, Bloomberg Information reported in June. (https://bloom.bg/3mt348h)
Demand for second-hand garments has jumped in latest months as clients turn into more and more aware about their carbon footprint, boosting revenues at subscription-based styling service Sew Repair (NASDAQ:) and on-line resale store ThredUp.
Constructive investor sentiment and fertile market circumstances for brand new listings additionally helped different retailers like eyewear firm Warby Parker and Roger Federer-backed shoemaker On Holding AG ace their market debuts final month.
Goldman Sachs & Co (NYSE:), Morgan Stanley (NYSE:) and Barclays (LON:) are the lead underwriters for the providing. Hire the Runway will listing its inventory on Nasdaq beneath the image “RENT”.
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