Clothing rental platform, Rent The Runway, is seeing a rebound in the size of its subscriber base after a decline during the course of the pandemic, the company revealed in its S-1 filing on Monday.
The company had a total subscriber base of 95,245 customers in 2020, including those who had paused their subscriptions, compared to 147,866 in 2019. Last year, the company counted 54,797 active subscribers, down from 133,572 the year before.
“We couldn’t have foreseen the global pandemic and the resulting fight for our survival,” said Jenn Hyman, the company’s co-founder and CEO, in a memo that was included in the SEC filing. “Today, Rent the Runway has emerged stronger.”
Throughout the pandemic, the company made a series of decisions to streamline its business and adjust to the economic realities posed by the pandemic. In August 2020, the company announced plans to close all of its physical stores. The company then pivoted its business online as it looked to meet consumers’ evolving shopping preferences. A month later, it forwent its popular unlimited rentals options and introduced a new three-tiered pricing model.
Last fall, the company raised funding at a valuation of $750 million, which marked a loss of its 2019 unicorn status.