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TED BAKER | KEEPING UP WITH THE BAKERS 360° FILM EXPERIENCE

Rent the Runway added that it expects this restructuring plan to be substantially completed by the end of the fourth quarter of 2022, and is expected to generate annual operating expense savings of $25 million to $27 million in fiscal 2023.

Jennifer Hyman, CEO and co-founder of Rent the Runway, said in a statement on Monday that the restructuring plan underscores our commitment to building RTR into a business that is highly profitable, has strong margins, and is self-funding. She added that these actions are intended to accelerate our path to profitability, while allowing the company to continue to deliver more value to our customers and drive strong revenue growth.

CFO Scarlett OSullivan added that the anticipated savings due to these job cuts will help ensure RTR can navigate potentially rougher macro conditions, while also allowing us to significantly improve our medium-term profitability.

As a result, the company is raising its annual adjusted EBITDA margin outlook and accelerating its timeline to self-fund. Over the medium-term, we believe we can generate 15% profitability on adjusted EBITDA after product depreciation, OSullivan said.

This news comes nearly a year after the fashion rental platform became a public company. Rent the Runway sold 17 million shares on the first day of its IPO in October for $21 each, raising a total of $357 million.

The current stock price on Monday after the closing bell is $4.93.

Getting Dressed Just Got Better With Rent The Runway

Social calendars for 2022 are already filling up and finding great outfits for all those occasions can get expensive really fast. With hope that it will be the year of rescheduled weddings, long awaited travel vacations, and even a return to regular date nights and brunches, its time to start planning your new looks. Luckily, Rent the Runway has the solution and it doesnt involve any buyers remorse whatsoever.

If you havent heard of it, this site gives you access to over 18,000 designer styles, including Jason Wu dresses, Ulla Johnson jumpsuits, Tory Burch handbags and Madewell jeans . While each of these items would cost at least a few hundred dollars to buy, as per its name, Rent the Runway lets you rent them for any event for the practical fashion enthusiast, this seriously reduces the overall cost and prevents your closet from becoming cluttered with things youd otherwise wear only once. Shipping and returns are included in the price and the dry cleaning is free too.

In other words, all you have to worry about is choosing your next designer outfit so you can look good, feel good and keep your wallet in check as you unpause your social life. Thanks to the specific filters, its infinitely easier than it sounds too. You can sort by category, color, price, formality level, weather, sleeve length, neckline you name it.

For a single upcoming event, you can choose a one-time rental that lasts for either four or eight days.

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