Fashion rental company Rent the Runway on Monday made public its paperwork for a U.S. stock market flotation, joining a bunch of retailers looking to cash in on the record boom in capital markets since last year.
The San Francisco-based online styling service reported net revenue of $571.2 million for the fourth quarter on Tuesday and also announced the launch of its new Stitch Fix Freestyle shopping experience.
The subscription box market continues to grow with a new report from Royal Mail saying that the market should be worth £1.8bn by 2025. That comes as it doubled by 2020 compared to 2017 with spend of almost £1.4bn
The fashion subscription service has announced that Lake will be transitioning from her role as CEO to that of executive chairperson of the board. She will be succeeded at the helm of the business by Elizabeth Spaulding.
The San Francisco-based fashion subscription service reported lower than expected Q2 net sales of $504.1 million on Monday, up 12% year over year from $451.8 million. The company’s quarterly net loss was $21.0 million.
The online styling service has reported a profit of $9.5 million in the first quarter, thanks to accelerated customer growth during the Covid-19 pandemic. On Monday, the company also named Dan Jedda as its new CFO.