Rent the Runway struts into a $1.7 billion valuation. This comes after its shares opened nearly 10% above their IPO price. Goldman Sachs & Co, Morgan Stanley, and Barclays Capital are the lead underwriters. The site allows women to rent and shop second-hand clothes and accessories from over 750 brands. Therefore, consumers who are conscious of their environmental impact have driven up demand for secondhand clothes and rental services. Furthermore, hybrid-working conditions brought on by the COVID-19 pandemic eliminated the need to refresh wardrobes for office-going users.
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Due to increased demand, the company cut its net loss to $84.7 million. In comparison, this is down from $88 million a year earlier. The ...
