Rent the Runway submitted a request for an initial public placement on Monday revealedIts subscriber base plummeted during the Covid pandemic, but it has started to recover.

In 2020, the digital clothing rental platform saw its sales decline and less women updating their wardrobes.

Last year, Rent the Runway’s entire base of subscribers — including those who had paused their memberships — totaled 95,245, compared with 147,866 in 2019. The number of active users was 54,797 last year, which is down from the 133,572 recorded in 2019.

However, this year the company is gaining back some of its customers. Rent the Runway had 126,841 subscribers for the six-month ended July 31st, compared to 108,752 during the same period in 2020. It had 97.614 active subscribers during that period, as opposed to 54.228 for 2020.

Revenues fell by $157.5 Million to the company last year from $256.9M in 2019.

The net loss was $171.1 Million in 2020. This is more than the $153.9 M net loss in previous years.

You can read the entire S-1 submission to the SEC here

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