Rent the Runway Impacted by Global PandemicД¬onsumers are becoming more environmentally conscious, which has led to a growing demand for second-hand clothes. But the impacts of COVID have been damaging to the fashion industry. The companyвЂ™s commitment to a sustainable future presents an opportunity for investors.

C0ВІ emissions equivalent to 47,737 roundtrip flights between Newark, NJ and Dallas, TX.

Enough electricity to power 12,657 households for a year.

On the company website, Rent the Runway claims its business model has displaced the need for the production of 1.3 million new clothing items in the past decade, savingвЂ¦ The company aims to reduce the environmental impact of the clothing industry by increasing the life and use of clothing. While fast fashion is criticized for unethical practices and environmental impact, Rent the Runway serves as a major industry disruptor. Rent the Runway has served over 2.5 million lifetime customers across all of its offerings and had nearly 127,000 ending total subscribers (active and paused) as of July 31, 2021. Members can choose from different plans starting at $69 per month.

What began as a way for women to rent dresses for special events expanded to everyday wear through subscription services. Rent the Runway disrupted the fashion industry by democratizing high-end fashion. Today, Jennifer Hyman serves as CEO.Д«efore Rent the Runway, wearing designer fashion wasnвЂ™t realistic for many people. The two pioneered the вЂCloset in the Cloud,вЂ™ a dream closet filled with over 18,000 styles of 750+ designer brands to rent, wear and return (or keep). A friend of the duo splurged on a designer dress that sent her into credit card debt, which gave them an idea for a business in the fashion industry.

Jennifer Hyman and Jennifer Fleiss founded Rent the Runway in November 2009 after meeting at Harvard Business School. HereвЂ™s what investors should knowвЂ¦ Rent the Runway: About the Sustainable Fashion Business The companyвЂ™s recent filing revealed the effects of the pandemic on its finances. A Rent the Runway IPO is coming to the Nasdaq.

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