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Rent the Runway confidentially files to go public in US

Rent the Runway confidentially files to go public in US

Rent the Runway has confidentially filed paperwork with US regulators for an initial public offering, 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.

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.

Thredup logo seen on smartphone
Online clothing resale company ThredUp has also seen increased consumer interest in second-hand fashion.
Bloomberg via Getty Images

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.

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Julia Mangels

Julia has handled various businesses throughout her career and has a deep domain knowledge. She founded Stock Market Pioneer in an attempt to bring the latest news to its readers. She is glued to the stock market most of the times and just loves being in touch with the developments in the business world.

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