CEO Jennifer Hyman has a new set of hearts and minds to win over on Wall Street.
Clearly, blazing new trails isn’t cheap or easy.
Rent the Runway operates at a scale that few others can compete with and was first on the scene building relationships with designers and customers. “The rapid consumer behavior shifts toward online commerce, access models and sustainability as well as our compelling value position will be macro drivers of our growth,” she said.
“We have seen the consumer start to rethink fast fashion,” she said. “Eighty-three percent of our subscribers used less of it when they use Rent the Runway. Hyman said Rent the Runway measures the health and growth of its business by looking at subscriber and engagement growth. Nonetheless, the company’s third-quarter net losses nearly doubled to $87.8 million, from $44.
Rent the Runway ended the quarter with 116,833 active subscribers, up 78 percent from a year earlier — equal to 87 percent of the company’s pre-COVID-19 active subscriber base.
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