Rent the Runway is a high-end fashion company with a difference. Instead of directly selling wares from top designers — like say, Net-A-Porter — the Brooklyn-based business allows its customers to rent items from an extensive closet of styles and high-fashion brand names. The price? You guessed it, a monthly a subscription fee.The so-called “closet in the cloud” service filed for its IPO Monday and, as is often the case here at FT Alphaville Towers, we couldn’t help but have a quick read of the S-1 to see if the numbers added up.As you might imagine, Covid has not been kind to Rent the Runway. Working from home killed the commuting catwalk, while lockdowns kept the gladrags in the back of our wardrobes, so it’s of little surprise that the business saw its revenues contract 39 per
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Rent the Runway is a high-end fashion company with a difference. Instead of directly...