Hyman also said Rent the Runway has a marketing flywheel where users become ambassadors of sorts. What we have learned is that customers care about wearing something that’s new to her every time she comes to Rent the Runway.” “We’ve debunked the myth that things go out of style immediately. (Rent the Runway, which is backed by venture. “We monetize our inventory over many years,” she said. In the fall, it raised a fresh round of funding at a 750 million valuation, losing the coveted unicorn status it had achieved in early 2019. “In this environment that we’re in, I’m executing to build a track record over time and deliver consistent results, prove to Wall Street that we’re doing what we say we’re going to do,” she said.īut there’s still more work to be done to educate people on the business model, she said, pointing to a couple of aspects that she said are underappreciated. Rent the Runway reiterated its guidance for the year, calling for revenues in the range of $295 million to $305 million, with the target to become breakeven on an adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) basis over the next two to four quarters. To help keep some of that momentum, the CEO is looking to keep her promises. Hyman is still working to fully explain Rent the Runway and its business model to Wall Street, where the company IPO’d at $23 a share in October, but lately has been trading below $4.įirst-quarter results helped the company win back some ground as shares rose 10.2 percent to $3.89 in after-market trading on Thursday. And adjusted losses before interest, taxes, depreciation and amortization tallied $8.8 million. A s a percentage of the top line, losses narrowed, to 63 percent of revenues from 126 percent a year ago. Rent The Runway is a direct to consumer rentable fashion brand with several categories of rentable clothing for women. Net losses stood at $42.5 million from the quarter, slightly higher than the $42.3 million seen a year earlier. Revenues for the three months ended April 30 doubled from a year ago to $67.1 million, while active subscribers rose 82 percent to a new high of 134,998. But overall, results that were better than projected. That momentum showed in the company’s first-quarter financials, which registered continuing net losses. Harper’s Bazaar Icons Party at Bloomingdales NYFW Spring 2023 This is an online service for guys who are looking for designer clothes and accessories to rent.

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