Fashion and footwear were among the hardest hit sectors as the coronavirus pandemic swept the globe, so it’s no surprise few brands in the space made the leap from private to public this year.
While some have confidentially filed their draft registration statements, others either paused or formally withdrew their planned initial public offerings. Those who remained active in the market, however, were primarily e-commerce businesses and, more recently, one luxury marketplace, versus the traditional brick-and-mortar giants — perhaps a testament to the strength of digital as more consumers flock online amid the COVID-19 health crisis.
Here, FN rounds up the firms that made IPO moves in 2020.
A report published today suggested that Mytheresa.com GmbH is mulling an IPO in the United States early next year. According to Bloomberg, which cited people with knowledge of the matter, the Germany-based online luxury marketplace is currently working with advisors on the proposal and intends to seek a valuation of roughly $1 billion to $1.5 billion — depending on its performance during the critical holiday season. In an email to FN, Mytheresa said that it does not comment on rumors or speculation about the company.
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Three weeks ago, ThredUp Inc. announced that it was seeking an IPO. The number of shares to be offered as well as the price range for the proposal have yet to be determined, and the IPO is expected to commence after the SEC completes its review process, subject to market and other conditions. However, in mid-August, a source who spoke with Bloomberg shared that the IPO could raise around $200 million to $300 million.
Another online resale business is also gearing up to go public: Poshmark Inc. revealed in late September that it confidentially submitted a draft registration statement on Form S-1 with the SEC for an initial public offering of its Class A common stock. A press release at the time did not specify the number of shares to be sold as well as the price range for the IPO, which is expected to begin following the SEC’s review process.
In March, as the coronavirus pandemic took hold in the U.S., reports swirled that Cole Haan Inc. was putting on hold its plans for an IPO, expected that same month. Insiders have suggested that the footwear and accessories brand might wait until it sees improvement in the market before going public, though the timeline for that remains unclear. In a filing with the SEC dated Feb. 14, the firm announced plans to raise $100 million in an IPO of its common stock and list on Nasdaq under the ticker “CLHN”.
The same month that Cole Haan halted its IPO plans, J.Crew Group shelved its proposed IPO for Madewell, which was in the process of an anticipated split from its parent. In September 2019, J.Crew filed to take Madewell public with an expected IPO date of March 2020 and a proposed deal size of $100 million. But this past September, the company officially withdrew its plans for Madewell’s public market launch. (J.Crew also notably filed Chapter 11 bankruptcy in May; it exited proceedings in September.)