What: As women dress up again, Rent the Runway’s revenue doubled in Q1.

What it is important: Before the pandemic, Rent the Runway had begun to expand its market by offering more office-appropriate options, but its momentum right now is being driven by special occasion dressing.

Rent the Runway doubled its revenue in Q1, from USD 33.5 million last year to USD 67.1 million, according to a company press release.

Its active subscriber base rose 82% to 134,998 by the quarter’s end, a 17% increase from the previous quarter and its highest end-of-quarter count.

Gross profit rose 178% to USD 22.5 million, as gross margin expanded to 33.5% from 24.2% a year ago. The company’s net loss widened from USD 42.3 million last year to USD 42.5 million.

The recently unveiled at-home pickup offer, available in 20 cities to more than a third of the subscriber base, is proving to be not only more convenient to customers but also less expensive for the company.

During the quarter, Rent the Runway launched six new exclusive collections, with plans for almost 20 such partnerships this year, on track to becoming 60% of the company’s product acquisition mix this year. The company is aiming for those exclusive to become two-thirds of its assortment, part of its plan toward free cash flow profitability.

The company still must prove itself but is tapping into the market forces that are stoking the rapidly growing secondhand apparel market.

Rent the Runway revenue doubles in Q1