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 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. (

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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