(Bloomberg) -- Rent the Runway Inc. has submitted a confidential filing for an initial public offering, according to a statement Monday.
The New York-based fashion rental business had been interviewing investment bankers for an IPO that could come as soon as this year, Bloomberg News previously reported.
The business is betting that its industry will rebound as vaccinations lead to more weddings and parties being scheduled again. Rent the Runway struggled early in the pandemic and saw its valuation dip down from $1 billion to $750 million, people familiar with the matter said last year, amid layoffs and the closure of some retail stores. Its investors include TCV, Bain Capital Ventures and Conde Nast-affiliated Advance Venture Partners.
Rent the Runway is part of a wave of e-commerce businesses that expect to test the public markets in the coming months. Allbirds Inc. is also preparing to potentially go public soon.
Started in 2009 by Jennifer Hyman and Jenny Fleiss as a way for women to rent dresses for special occasions, Rent the Runway expanded to everyday wear through subscriptions. Rent the Runway recently named actress and lifestyle-brand expert Gywneth Paltrow to its the board.
Read more: Half a Dozen IPOs Led by Robinhood Launch in Summer Boom
©2021 Bloomberg L.P.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
