Rent the Runway, which rents designer apparel and accessories to women online, filed on Monday with the SEC to raise up to $100 million in an initial public offering.
Rent the Runway states that it built the world's first and largest shared designer closet ("the Closet in the Cloud") with over 18,000 styles by over 750 designer brands, allowing women to wear whatever they want without having to own it. The company gives customers ongoing access to its "Unlimited Closet" through its Subscription offerings, the ability to rent a-la-carte through its Reserve offering, and the ability to purchase products through its Resale offering. Rent the Runway has served over 2.5 million lifetime customers across all of its offerings and had nearly 127,000 ending total subscribers (active and paused) as of July 31, 2021.
The New York, NY-based company was founded in 2009 and booked $149 million in revenue for the 12 months ended July 31, 2021. It plans to list on the Nasdaq under the symbol RENT. Rent the Runway filed confidentially on July 16, 2021. Goldman Sachs, Morgan Stanley, Barclays, Credit Suisse, Piper Sandler, Wells Fargo Securities, JMP Securities, and KeyBanc Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
