Rent the Runway has filed for an initial public offering (IPO) despite revealing a drop in its revenues.
The fashion rental platform announced on Monday it plans to list stock on the Nasdaq Global Select Market but the number of shares or the price range has yet to be revealed.
The company confidentially filed for the IPO in July however have just made the listing public knowledge.
The company was last year valued at $750 million following a funding round.
However the company’s valuation has dropped after being previously valued at $1 billion in 2019, according to Bloomberg.
Rent the Runway revealed a 38.6 per cent drop in revenues to 157.5 million in the year to January 31.
The company’s net loss grew to $171.1 million dollars up from $153.9 million year-on-year.
The rental platform suffered during the pandemic as consumers were forced to stay inside and events got cancelled, forcing it to announce redundancies and close its entire bricks-and-mortar store estate.
Rent the Runway operates five locations across New York, Chicago, Los Angeles, San Francisco and Washington DC.
Its total subscriber count fell from 147,866 to 95,245 in the year, with its active subscribers also dropping from 133,572 to 54,797.
This figure improved in the second half of the year however, rising to 97,614 active users.