Rent The Runway Becomes First Company To Go Public With All Female CEO, COO and CFO

The designer clothing rental platform ‘Rent The Runway’ went public on 27th October 2021 trading at $23 a share, rising from a $21 IPO. The fashion platform was valued at $1.7 billion, giving CEO Jennifer Hyman a 5.1% ownership valuation of $48.9 million. Hyman was a Harvard graduate who launched the platform in 2008. She initially ran it with classmate Jennifer Carter Fleiss, but she parted ways in 2018, still owning 1% of the company
The company had a rocky history with peaks and troughs in its valuation throughout the pandemic, which saw the closure of its stores as well as most of its workforce let go.
However, the successful business model recovered, helped by the re-introduction of their $159 a month subscription boxes, which became accessible to those without the membership. During the pandemic, only 30% of its users were still active, reported Forbes
Upon launching the IPO, Rent The Runway had marketed 15 million shares for $18-21, but they ended up selling 17 million for $21 by the Tuesday. On the Wednesday when the trading went public, the share price rose to $23, giving it a 9% rise above its IPO price.
‘I’m so proud of this milestone day,’ Hyman told The New York Times. ‘We’ve gone from a single dress and a single situation to building a full closet in the cloud that women can access for every occasion.’