Active subscribers are up 110% at the end of fiscal year Q4 2021 compared with 2020 as the designer clothing rental company predicts continued growth as more people rent outfits in preparation for in-person weddings and social gatherings.
Revenue is up for designer clothing rental company Rent the Runway, as the service looks ahead to a year full of social gatherings prompting customers to rent designer apparel. During its Q4 2021 and 2021 fiscal year earnings call April 13, the company spoke of its subscription pricing and new subscription acquisition plans, efforts to offset shipping costs with its at-home pickup service, and increased investment in automation technology.
During the call, Rent the Runway executives said they expect the momentum from weddings, social occasions and return-to-work situations to carry into the fiscal year 2022. In fiscal 2022, the retailer is “on track to achieve 77% year-over-year growth in active subscribers at the end of Q1 ,” Chief Financial Officer Scarlett O’Sullivan said during the earnings call.
Rent the Runway revenue increased about 91% to $64.1 million for Q4 fiscal year 2021, compared with $33.5 million Q4 2020.