More people enjoyed weddings, social gatherings and increased travel during the first quarter of fiscal year 2022, leading to a record active subscriber count for Rent the Runway in the three months through April 30, according to a company press release.
Rent the Runway’s revenue was also up 100% year over year for the first quarter, the release stated.
“Our strong performance is evidence of our firm position in the broader experience economy, which has enabled us to make significant progress on our path to profitability and achieve record-ending active subscribers in the first quarter of 2022,” said Rent the Runway CEO and Co-Founder Jennifer Hyman in the release.
Consumers are returning to traveling, dining out, attending events, going back to the office and hanging out with friends, and they’re turning to Rent the Runway for an affordable way to dress well for those social gatherings, said Hyman.
Rent the Runway’s Q1 revenue was $67.1 million, double its $33.5 million in the first quarter of fiscal year 2021. The platform’s active subscribers were just short of 135,000, up 82% year over year from Q1 in fiscal 2021. Total subscribers were up 70% in the same time period to 177,213.
In April, Rent the Runway said it was looking to double its revenues and subscribers in the quarter after doing so in the three months ending Jan. 31, with inflation and the increasing number of events leading the surge.
Read more: Rent the Runway Preps for Surge in Weddings, Events, Back-to-Work Blazers
“2022 is expected to be a banner year for special events, and we plan to capitalize on it,” Hyman said at the time, noting there were 2.6 million weddings planned this year and there was a need for people to refresh their wardrobes after two years working from home during the pandemic.
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