The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Rent the Runway has confidentially filed paperwork with U.S. regulators for an initial public offering (IPO), as it looks to cash in on the booming market for rental clothes and second-hand apparel.
The online clothing rental firm said on Monday the number of shares on offer and the target price range for its IPO had not yet been determined.
Founded in 2009, New York-based Rent the Runway allows customers to rent clothes and shop second-hand merchandise from over 750 designer brands.
It raised funds last year at a valuation of $750 million, below its previous valuation of $1 billion, Bloomberg News reported in June.
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Demand for second-hand clothes has jumped in recent months as customers become increasingly conscious about their carbon footprint, boosting revenues at subscription-based styling service Stitch Fix and online resale shop ThredUp .
Denim maker Levi Strauss has also entered the used clothing market, while Etsy last month announced the acquisition of Gen Z-focused fashion resale firm Depop for $1.63 billion.
Online eyewear seller Warby Parker and Forever 21 owner Authentic Brands Group have also filed for IPOs this year.
Further Reading: Rethinking the Fashion Rental Model for the Post-Pandemic Era
Rent the Runway chief executive Jennifer Hyman shares her strategy for making the fashion rental model work as retail, restaurants and workplaces slowly begin to re-open.
Nordstrom, Tod’s and L’Occitane are all pushing for privatisation. Ultimately, their fate will not be determined by whether they are under the scrutiny of public investors.
The company is in talks with potential investors after filing for insolvency in Europe and closing its US stores. Insiders say efforts to restore the brand to its 1980s heyday clashed with its owners’ desire to quickly juice sales in order to attract a buyer.
The humble trainer, once the reserve of football fans, Britpop kids and the odd skateboarder, has become as ubiquitous as battered Converse All Stars in the 00s indie sleaze years.
Manhattanites had little love for the $25 billion megaproject when it opened five years ago (the pandemic lockdowns didn't help, either). But a constantly shifting mix of stores, restaurants and experiences is now drawing large numbers of both locals and tourists.