Fashion rental company Rent The Runway Inc RENT is set to begin trading on the Nasdaq Wednesday under the ticker symbol "RENT."
"We have built this business from a single dress in a single situation to a full closet in the cloud that women use for every situation," Rent The Runway co-founder and CEO Jennifer Hyman said Wednesday on CNBC's "Squawk Box."
Rent The Runway's mission is to disrupt the multi-trillion-dollar fashion industry and provide the world's first and largest shared designer closet, Hyman said. "We have been able to do that while empowering women to feel their best every day," she added.
Rent The Runway's subscriber numbers have recovered from COVID-19 lows. The company's subscriber count is nearly back to 100% of where it was at the end of 2019 and it has become a much more diversified subscriber base, according to Hyman.
"We continue to experience fantastic momentum," she said. "Women did not have to return to the office to return to Rent The Runway. Ninety percent of our customers continue to work from home, but we've experienced this momentum where we are back up to 2019 levels."
Hyman expects that as women continue to return to work, Rent The Runway's upside will continue to grow.
Rent The Runway's revenue grew 39% from the first quarter to the second quarter and the company is "experiencing similar momentum now," she said.
Rent the Runway is an online fashion platform that incorporates a subscription model allowing its customers to rent clothing and accessories from designer brands.
The fashion rental company priced its IPO at $21 per share. The stock is expected to begin trading Wednesday afternoon.
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