Shares of Rent The Runway will debut on the Nasdaq Wednesday at $21 apiece, the high end of its target. Great news for the clothing rental and subscription company’s CEO, Jennifer Hyman, whose 5.1% ownership stake is worth about $48.9 million,estimates, more than a decade after she cofounded the business with her former classmate Jennifer Fleiss. Though Fleiss left the company in 2017, she still holds just under a 1% stake in Rent The Runway, worth an estimated $12 million.
Rent The Runway cofounders Jenny Fleiss and CEO Jenn Hyman ; Hyman took the clothing rental company public on Wednesday.Rent The Runway is hoping public markets will lift the firm back to unicorn status. In April 2020, the company took a $100 Series G investment that provided much-needed cash amid the Covid-19 crash—but that fundraising came at an $800 million valuation, down from a previous $1 billion, according to data provider PitchBook.
Revenue for fiscal year ended January 31, 2021 was $157.5 million, down 39% from the preceding pre-pandemic year; the company posted a net loss of $171.1 million. Sales began looking up this summer, as revenue increased 39% for the three months ended July 31 compared to the previous quarter ended April 31. Nonetheless, the company still lost money. It had an $84.
But the company’s monthly subscription business, which accounts for 83% of sales, is rebounding. After the number of active subscribers plummeted from 134,000 to 55,000 between January 2020 and January 2021, it recovered to roughly 98,000 this summer.
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