Rent the Runway, Inc. Company profile
About Rent the Runway Inc
Rent the Runway, Inc is engaged in offering shared designer closet called Closet in the Cloud. The Company offers over 18,000 styles by over 750 designer brands that transforms the way women get dressed by letting them wear whatever they want, without having to own it. It gives customers ongoing access to its unlimited closet through its subscription offerings to rent a-la-carte through its reserve offering. It also gives its subscribers and customers the ability to buy its products through its resale offering. Its Closet in the Cloud offers an assortment of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear, ski wear, home goods and kidswear. The Company’s Closet in the Cloud connects its engaged customers and its differentiated brand partners on a platform built around its brand, data, logistics and technology advantages.
Financial summary
BRIEF: For the nine months ended 31 October 2021, Rent the Runway Inc revenues increased 12% to $139.2M. Net loss increased 30% to $172.5M. Revenues reflect Subscription and Reserve rental revenue increase of 19% to $127M. Higher net loss reflects Other Non Operating I/E increase from $0K to $17.4M (expense), Stock-based Compe increase from $1.9M to $14M (expense), G/L on early Exting of lease relat debt increase from $600K to $12.2M (expense).