Finance

Rent the Runway confidentially files for U.S. IPO By Reuters

© Reuters. FILE PHOTO: The Rent The Runway store, an online subscription service for women to rent designer dress and accessory items, is seen in New York City, New York, U.S., September 12, 2019. REUTERS/Shannon Stapleton

(Reuters) – Rent the Runway has confidentially filed paperwork with U.S. regulators for an initial public offering (IPO), 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 (NASDAQ:) and online resale shop ThredUp.

Denim maker Levi Strauss (NYSE:) has also entered the used clothing market, while Etsy (NASDAQ:) 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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button