The Closet in the Cloud offers a wide assortment of millions of items for every occasion, from evening wear and accessories to ready-to-wear, workwear, denim, casual, maternity, outerwear, blouses, knitwear, loungewear, jewelry, handbags, activewear and ski wear. Through RTR, customers can subscribe, rent items a-la-carte and shop resale from hundreds of designer brands. RTR’s mission has remained the same since its founding: powering women to feel their best every day. The webcast will also be available for replay for at least 14 days following the presentation.įounded in 2009, Rent the Runway is disrupting the trillion-dollar fashion industry and changing the way women get dressed through the Closet in the Cloud, the world’s first and largest shared designer closet. The live webcast of this event will be available on Rent the Runway’s investor relations website under the “Events” section at /. Management will participate in a fireside chat on at 3:30 PM ET. Bernstein’s 39th Annual Strategic Decisions Conference, to be held in New York, NY.(“Rent the Runway”) (Nasdaq: RENT) announced today that it will participate in the following investor event:
They have a median price target of $8.50, according to Refinitiv data.NEW YORK, (GLOBE NEWSWIRE) - Rent the Runway, Inc. The company’s shares were down 22.9% at $3.80 premarket. “We are still learning how these types of changes in customer behavior impact the business, particularly in a challenging macro environment.” “It is becoming clear to us that our customers live, work, socialize and travel differently in 2022 than they did prior to the pandemic,” Chief Executive Jennifer Hyman said on a call with analysts. The company said while it saw subscriber numbers bounce back in August and September, it was still difficult to predict how consumers would behave given an uncertain macro backdrop. Active subscribers were still up 27% compared to a year earlier. Rent the Runway reported 124,131 active subscribers at the end of the second-quarter, down 8% from the prior three-month period, with the company blaming an increase in the number of people pausing or choosing to not renew their subscription. “Consumers aren’t viewing (Rent the Runway) as a way to save money versus a traditional wardrobe ownership model … rather, consumers are protecting household budgets by crossing off recurring monthly discretionary charges like RENT,” Credit Suisse analyst Michael Binetti wrote in a note.Īt least five brokerages cut their price targets on the stock, with Credit Suisse downgrading its rating to “neutral” from “outperform”. Rent the Runway lowered its annual sales forecast late on Monday and said it would cut about 24% of its corporate workforce as it seeks to rein in costs.
Soaring prices of gasoline and groceries have forced shoppers to curb spending on apparel and other discretionary items, bruising sales of clothing companies that were just beginning to recover from pandemic lows amid easing supply chain issues. – Shares of Rent the Runway plunged more than 22% before the bell on Tuesday, as more Americans paused their subscription to the clothing rental firm as they feel the pinch of red-hot inflation.
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