.RenttheRunway priced at the high-end of its range in an upsized offering that ultimately saw shares fall.
The company’s more than 143,000 subscribers get an endless closet and brands get access to a younger customer base. It’s an approach to rental that’s evolved, been stress-tested by the pandemic and now, 12 years on, is going to the next level with its IPO.
That counts as the first day of Rent the Runway’s life on Wall Street under the “RENT” ticker symbol. “It’s a moment today certainly where we’re pausing,” Salinas said in an interview. “We have an incredible amount of pride for the past, the present and excitement about what’s next.” Salinas said Rent the Runway restructured during the pandemic, boosting margins by tweaking the subscription program and taking more goods on consignment and through the Exclusive Designs program, which uses more capital-efficient production channels.
While the pandemic still has many women working from home, Rent the Runway has gotten back to 97 percent of the number of subscribers it had at the end of 2019. Today orders are almost split evenly between casual looks and styles for work or evening. Now, the mission is to make the math work out better while continuing to connect customers and brands, giving something more to both.
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