Rent the runway, an online clothing rental company goes public today under stock symbol RENT

Rent Runway buys clothes and then rents them to multiple people to use on a subscription basis. Their members can sign up to have access to many clothes for about $99 per month for an 8 item plan.

Below are other membership options for Rent The Runway members.

Today, the company went public and is trading under the stock symbol RENT. RENT stock hit the market at $23 per share after IPO pricing at $21. The clothing rental company Rent The Runway was founded in 2008, it now has 55,000 subscribed member, it used to have 133,000 members a year ago, this may mean that the company needs to fix a lot of tings to become profitable.   

Also, Rent The Runway revenue fell to $157.5 million, and the net loss increased to $171.1 million.

According to CEO Jennifer Hyman, however, the health crisis ultimately helped make its business more resilient.

“If anything, this pandemic pushed us even more as consumers into sharing models and into valuing experiences over ownership,” Hyman said in an interview on CNBC’s “Squawk Box.” “We’ve seen that in our customer base.”