Athletic wear brand supported by Kate Hudson Fabletics The company is reportedly using banks to help prepare for an initial public offering, which the company expects to be worth more than $ 5 billion.
According to the report from The Wall Street Journal Fabletics adopted it, citing sources familiar with this issue. Morgan Stanley, Goldman Sachs Group Co., Ltd. Barclays Plc and Bank of America Corp. Supports IPOs.
The company, owned by TechStyle Fashion Group, seems to be aiming to raise about $ 500 million in its offerings.
Founded by Adam Goldenberg and Don Wrestler Hudson In 2013, Fabletics is a monthly subscription service that offers workout wear, sports bras, and related accessories. The platform operates in the United States, Canada, and most of Europe and boasts over 2 million members.
The company, which also provides members with access to workout apps, started out as a digital-focused business, but expanded to retail stores in 2015 and currently operates around 50 physical stores. .. In March, Fabletics announced plans to open a total of 24 new stores this year, increasing the total number of physical stores to 74.
The news that the company has decided to go public comes from the fact that the IPO market continues to experience hot streak. Juicy couture, Barneys And Forever 21 Parent company Authentic Brands Group applied for its own service in early July, Both Sustainable running shoe maker Allbirds And Eyeglass retailer Warby Parker Both reportedly filed for an IPO in secret during the last month.
Earlier this year, Jessica Alba’s The Honest Company was another celebrity-backed brand, now specializing in consumer products such as skin care, diapers, and non-toxic household cleaners, at 412.8 million. Raised dollars. That IPO..
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Fabletics calls the bank to prepare for the IPO
Source link Fabletics calls the bank to prepare for the IPO