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Where’s the Exit? Fashion Backers Look to Future

This might be as good as it gets for the venture darlings. After years of building their business profiles with round after round of funding, the day of reckoning for the late-stage private companies is drawing near. Moda Operandi, Poshmark, Rent the Runway, The RealReal, Warby Parker and the rest all face their own individual circumstances and investor bases. They will rise and fall on their own merits. But eventually, their investor base is going to look for their payday — the all-important exit. An initial public offering is often seen as the brass ring, giving investors a chance to unload some of their stock directly to the Wall Street rank and file or to wait to see how the market reacts and then sell accordingly. Online styling service Stitch Fix Inc. went public late last year and after a somewhat rocky ride, is now valued at $2.3 billion. Luxury platform Farfetch made its move last month and has a market capitalization of nearly $6 billion. Absent an IPO, companies needing a new investor base can find a strategic or private equity buyer. Or if prospects dim, they can take the dreaded down round, which brings in more funds, but at a lower valuation

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