In its submitting with the U.S. Securities and Alternate Fee, the Brooklyn, New York-based firm disclosed a close to 39% drop in income for the fiscal yr 2020.
Lease the Runway, which was based in 2009, lets customers lease garments and store second-hand merchandise from over 750 designer manufacturers. It had confidentially filed for an inventory in July.
The corporate reported 2020 income of $157.5 million, down from $256.9 million a yr earlier. Its web loss widened to $171.1 million in the identical interval, from $153.9 million a yr earlier.
The corporate’s top-line additionally took successful within the first half of this fiscal yr, with income down 9% for the six months ended July 31.
Lease the Runway raised funds final yr at a valuation of $750 million, under its earlier valuation of $1 billion, Bloomberg Information reported in June.
Demand for second-hand garments has jumped in current months as prospects turn out to be more and more aware about their carbon footprint, boosting revenues at subscription-based styling service Sew Repair and on-line resale store ThredUp .
Constructive investor sentiment and fertile market circumstances for brand new listings additionally helped different retailers like eyewear firm Warby Parker and Roger Federer-backed shoemaker On Holding AG ace their market debuts final month. Goldman Sachs & Co, Morgan Stanley and Barclays are the lead underwriters for the providing. Lease the Runway will listing its inventory on Nasdaq below the image “RENT”.