Fashion Firm Rent the Runway Aims for Nearly $1.3 Billion Valuation in US IPO

Rent the Runway is aiming for a valuation of nearly $1.3 billion in its US initial public offering, as the fashion rental company looks to cash in on the rising interest in pre-owned clothing. The company, founded in 2009, lets users rent and shop second-hand clothes and accessories such as handbags and jewelry in over 18,000 styles from more than 750 designer brands. It also allows customers to rent and shop home goods.

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Fashion firm Rent the Runway aims for nearly $1.3bn valuation in