Here’s What The Cofounders Of Rent The Runway Are Worth As The Clothing Rental Company Goes Public

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.

Worked at their fulfillment center for a bit, easily the worst working experience ever.

Ireland Ireland Latest News, Ireland Ireland Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Rent the Runway Jumps in Public Market DebutThe clothing-rental company had 112,000 active subscribers at the end of September, compared with 134,000 at the end of 2019. Innovative idea. Rent, Wear, Return, Repeat. Nice!
Source: WSJ - 🏆 98. / 63 Read more »

Here’s What The Cofounders Of Rent The Runway Are Worth As The Clothing Rental Company Goes PublicAfter laying off a third of its staff during the pandemic, Rent The Runway is still struggling to turn a profit. It’s targeting at $1.3 billion valuation in its IPO.
Source: Forbes - 🏆 394. / 53 Read more »

Here’s What The Cofounders Of Rent The Runway Are Worth As The Clothing Rental Company Goes PublicAfter laying off a third of its staff during the pandemic, Rent The Runway is still struggling to turn a profit. It’s targeting at $1.3 billion valuation in its IPO. this is terrible news
Source: Forbes - 🏆 394. / 53 Read more »

Here’s What The Cofounders Of Rent The Runway Are Worth As The Clothing Rental Company Goes PublicAfter laying off a third of its staff during the pandemic, Rent The Runway is still struggling to turn a profit. It’s targeting at $1.3 billion valuation in its IPO. horrible
Source: Forbes - 🏆 394. / 53 Read more »