Jennifer Hyman, Hire the Runway
Scott Mlyn | CNBC
Hire the Runway has submitted confidential documentation to US regulators for an preliminary public providing because it seeks to capitalize on the booming marketplace for rental clothes and second-hand clothes.
The web clothes rental agency mentioned Monday that the variety of shares on supply and the goal worth vary for its IPO had but to be decided.
Based in 2009, New York-based Hire the Runway permits clients to hire garments and purchase second-hand items from greater than 750 designer manufacturers.
It raised funds final yr at a valuation of $ 750 million, down from its earlier valuation of $ 1 billion, Bloomberg Information reported in June.
Demand for second-hand clothes has elevated in current months as clients turn into more and more carbon-conscious, rising income at subscription-based styling service Sew Repair and the resale retailer. on-line ThredUp.
Denim maker Levi Strauss additionally entered the used clothes market, whereas Etsy final month introduced the acquisition of Era Z-focused trend resale agency Depop for $ 1.63 billion.
On-line eyewear vendor Warby Parker and Without end 21 proprietor Genuine Manufacturers Group have additionally submitted to OPI this yr.
Hire the Runway is a 5 instances CNBC Swap 50 firm that the majority not too long ago ranked No. 5 on the 2019 Non-public Innovators Record.
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