The brand has confidentially submitted a draft registration statement for a proposed initial public offering (IPO).
Rent the Runway, which was founded in 2009, is a platform that allows customers to subscribe, rent items and shop resale from over 750 designer brands. Initially a digital only offering, Rent the Runway later opened five physical store locations in New York, Chicago, Boston, Washington D.C., and San Francisco.
Last year, the company confirmed that it would permanently close all stores, which were already not operating due to the Coronavirus pandemic, to focus on its digital offering and further investing in this. It also intended to grow is network of drop-off boxes and kiosks that customers can use to return their rented items.
Regarding the IPO, the number of shares to be offered and the price range for the proposed offering have not yet been determined. The initial public offering is set to take place following the Securities and Exchange Commission (SEC) reviewing process, subject to market and a number of other conditions.
