News Formal

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

  • 📰 Forbes
  • ⏱ Reading Time:
  • 55 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 25%
  • Publisher: 53%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

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.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.

this is terrible news

Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 394. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

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!
Källa: WSJ - 🏆 98. / 63 Läs mer »

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.
Källa: Forbes - 🏆 394. / 53 Läs mer »

Customers can soon rent a Tesla at Hertz after company orders 100,000 electric vehiclesRental car giant Hertz announced it was buying 100,000 Tesla electric vehicles that will be available to customers starting next month.
Källa: ABC - 🏆 471. / 51 Läs mer »