Data Sets
The pace of initial public offerings (“IPOs”) hit what was widely characterized as a “new low” in the second quarter of 2023, as central banks raised interest rates in an effort to alleviate inflation, and in the process, deterred many companies looking to raise capital via public listings. However, fast forward to the end of 2023 and early 2024, and following a two-year-long lull in the market, expectations of a turnaround abounded, with the number of IPOs, including in the retail space, starting to rise again. Anticipation was prompted, in part, by British chip-maker Arm Holdings’ highly anticipated Nasdaq listing – which saw it raise $4.87 billion in September in one of the biggest IPOs of the year – and the prospect of a blockbuster listing from Birkenstock.
The latter delivered mixed trading results, with the German footwear company finishing its first day of trading down nearly 13 percent, nabbing it the title of the worst debut by a company worth more than $1 billion in nearly two years, according to Bloomberg. Analysts pointed to “an overvaluation of the company, a hesitation to buy into a market that is still trying to right itself, and a lack of confidence in the footwear sector” as contributing to Birkenstock’s “lackluster performance,” Modern Retail reported. “Together, these factors could make other brands cautious about pursuing an IPO … under similar economic conditions.”
But underwhelming results are not limited to Birkenstock: McKinsey recently reported that the performance of newly listed apparel, fashion, and luxury stocks “has generally been challenging,” noting that since 2018, the stock price of newly floated apparel, fashion, and luxury companies “has dropped an average of 40 percent one year after listing.” (There are exceptions, of course, including USWE (IPO in 2021), Revolve (2019) and Levi Strauss (2018).) That has not stopped China-founded, Singapore-based ultra-fast fashion giant Shein from reportedly filing to go public on markets in the U.S. and London, nor has it put a damper on reports that Italian footwear brand Golden Goose, Kim Kardashian’s SKIMS, sustainable fashion brand Reformation, e-commerce tech company Rokt, activewear-maker Vuori, and Spanish fashion retail company Tendam are likely to be among the next cohort of companies to go public. (Saks.com, Fabletics, etc. have also been preparing to IPO for some time now, per media reports.)
Against the background of an evolving market, here is a data set that aims to provide a broad overview of recent retail and luxury-focused initial public offerings …
Douglas AG raised €890 million ($967 million) by offering up 34.2 million shares in an initial public offering on the Frankfurt Stock Exchange on March 21. The CVC Capital Partners-backed retailer, which touts itself as “Europe’s number one omni-channel premium beauty destination” first revealed plans to raise roughly 800 million euros ($868 million) in early March, prompting speculation that it would nab the title of Germany’s largest listing since Schott Pharma in September 2023. (As of the time of the IPO, Luxembourg-based private equity firm CVC Capital indirectly held around 54.4 percent of the company).
> Exchange/Ticker: Frankfurt Stock Exchange/DOU
> Amount raised: €890M
> Market cap: €2.8B
> Price/share: €26
Luxury ski and outerwear company Perfect Moment Ltd. offered just upwards of 1.33 million shares in its public debut on the NYSE American exchange. Trading opened on February 8 at $4.43. The London-headquartered company, which describes itself as “a luxury lifestyle brand that combines fashion and technical performance for its ranges of skiwear, outerwear, swimwear and activewear,” has granted the underwriters a 45-day option to purchase up to an additional 200,100 shares of common stock to cover over-allotments, if any, at the public offering price, less the underwriting discount.
> Exchange/Ticker: NYSE American/PMNT
> Amount raised: $8M
> Market cap: $79.19M
> Price/share: $6
Amer Sports, Inc., a global group of iconic sports and outdoor brands, announced the pricing of its initial public offering of 105,000,000 ordinary shares at a public offering price of $13 per share. In connection with the offering, Amer Sports has granted the underwriters a 30-day option to purchase up to an additional 15,750,000 ordinary shares to cover over-allotments. The ordinary shares began trading on the New York Stock Exchange on February 1.
> Exchange/Ticker: NYSE/AS
> Amount raised: $1.37B
> Market cap: $7.14B
> Price/share: $13
Birkenstock and L Catterton offered up 32.25 million shares in furtherance of the German footwear company’s IPO. (Birkenstock sold 10.75 million ordinary shares, and L Catterton – the private equity group backed by French billionaire Bernard Arnault and LVMH that acquired a majority stake in Birkenstock in 2021 – offered 21.5 million. After the IPO, L Catterton will hold an 82.8 percent stake in Birkenstock and control a majority of the combined voting power of its outstanding shares.)
> Exchange/Ticker: NYSE/BIRK
> Amount raised: $495M
> Market cap: $7.55B
> Price/share: $46
Israeli beauty and wellness company Oddity Tech sold 12.1 million shares in its July 19 IPO. Launched in 2018 by Holtzman and his sister Shiran Holtzman-Erel, Oddity uses data and artificial intelligence to develop cosmetics for brands like Il Makiage and Spoiled Child and to make tailored product recommendations.
> Exchange/Ticker: Nasdaq/ODD
> Amount raised: $424M
> Market cap: $2.7B
> Price/share: $35
In one of the earliest IPOs of 2023, MGO Global Inc. – the lifestyle brand company that holds the license for Lionel Messi’s clothing line – offered up 1.5 million shares on January 13. The company was co-founded in 2018 by Chairman and CEO Maximiliano Ojeda and Chief Design Officer Ginny Hilfiger, sibling of designer Tommy Hilfiger.
> Exchange/Ticker: Nasdaq/MGOL
> Amount raised: $7.5M
> Market cap: $25.92M
> Price/share: $5
Lanvin Group made its debut on the New York Stock Exchange on December 15 after merging with a blank-check firm backed by Chinese private-equity firm Primavera Capital. Primavera’s SPAC, called Primavera Capital Acquisition Corp., raised $414 million in January 2021 ahead of its merger with newly-rebranded Lanvin Group, which owns a portfolio of fashion brands including namesake Lanvin, Sergio Rossi, Wolford, and St. John.
> Exchange/Ticker: NYSE/LANV
> Amount raised: $150M
> Market cap: $1.31B
> Price/share: $10
Italian menswear group Zegna merged with a special purpose acquisition company (“SPAC”) created by Investindustrial, which is led by former UBS chief executive Sergio Ermotti, creating a new publicly traded company. “The deal, which values Zegna at about $3 billion, will give the company about $760 million in new funding while allowing its founding family to retain a roughly 66 percent stake,” DealBook reported at the time.
> Exchange/Ticker: NYSE/ZGN
> Amount raised: $761M
> Market cap: $3B
> Price/share: $10
Fashion e-commerce company Lulu’s made its stock market debut on November 11, raising $92 million from its sale of 5.75 million shares. Founded in 1996 by mother-daughter team Debra Cannon and Colleen Winter, the company targets young millennial and Gen Z consumers with its affordable fashion and accessories offerings.
> Exchange/Ticker: Nasdaq/LVLU
> Amount raised: $92M
> Market cap: $486M
> Price/share: $16
Sustainable footwear brand Allbirds made its stock market debut in Nov. 2021, garnering attention with its aim to win over investors by emphasizing the ESG elements of its business/operations. The co. sold 19.2 million shares and nabbed a valuation of $2.16 billion.
> Exchange/Ticker: Nasdaq/BIRD
> Amount raised: $303M
> Market cap: $2.16B
> Price/share: $15
Southlake, Texas-based Solo Brands raised almost $220 million from its offer of 12.90 million Class A shares. The company maintains a portfolio of “distinctive, adventurous lifestyle brands,” including shorts-maker Chubbies, Oru Kayak, Solo Stove, and Isle paddleboard brands.
> Exchange/Ticker: NYSE/DTC
> Amount raised: $219.4M
> Market cap: $2.1B
> Price/share: $17
Fashion company Rent the Runway nabbed a $1.7 billion valuation after its 17 million shares opened nearly 10 percent above their initial public offering price on October 27, in what Reuters characterized as “the latest consumer-facing business to ace its market debut in the U.S.”
> Exchange/Ticker: Nasdaq/RENT
> Amount raised: $357M
> Market cap: $1.7B
> Price/share: $21
Eyewear start-up Warby Parker started trading on September 29, offering up 77.7 million class A shares via a direct listing.
> Exchange/Ticker: NYSE/WRBY
> Market cap: $6.8B
> Price/share: $40
Millennial direct-to-consumer jeweler Brilliant Earth made its stock market debut in September 2021, offering up 8.33 million shares of its Class A common stock. The San Francisco-based company operates a direct-to-consumer business offering up “ethically sourced fine jewelry.”
> Exchange/Ticker: Nasdaq/BRLT
> Amount raised: $115M
> Market cap: $1.1B
> Price/share: $12
A.K.A. Brands Holding Corp. offered up 10 million shares in its stock market debut on September 22. The San Francisco, California-based fashion company focuses on Millennial and Gen Z consumers via its Princess Polly, Culture Kings, Petal + Pup, and MNML brands.
> Exchange/Ticker: NYSE/AKA
> Amount raised: $110M
> Market cap: $1.39B
> Price/share: $11
Roger Federer-backed running shoe company made its debut on the New York Stock Exchange, selling 31.1 million shares on September 15. “On’s initial public offering and listing on the New York Stock Exchange will allow it to continue its unique journey as an independent sports brand and engage with new consumers around the world with agile access to capital,” the company said in a statement.
> Exchange/Ticker: NYSE/ONON
> Amount raised: $746M
> Market cap: $11.35B
> Price/share: $24
Torrid Holdings, which holds the title of the largest direct-to-consumer brand of women’s plus-size apparel and intimates in North America by net sales, offered up 12.65 million common shares at a price of $21.00 per share in its IPO on July 1, 2021. The company had previously filed to go public in 2017 before withdrawing in 2019.
> Exchange/Ticker: NYSE/CURV
> Amount raised: $230M
> Market cap: $2.3B
> Price/share: $21
1stdibs, a New York-based marketplace for luxury furniture, art, fashion, and jewelry, listed 6.6 million shares of its common stock in its market debut on June 10.
> Exchange/Ticker: Nasdaq/DIBS
> Amount raised: $117.5M
> Market cap: $773M
> Price/share: $20
Banking on the burgeoning resale market for apparel and accessories, online resale marketplace ThredUp sold 12 million shares in its stock market debut on March 26 to raise $168 million.
> Exchange/Ticker: Nasdaq/TDUP
> Amount raised: $168M
> Market cap: $1.27B
> Price/share: $14
Dr. Martens made its stock market debut in London in late Jan. 2021, with Permira and other existing shareholders selling 350 million shares. “The IPO also marks a major win for Dr Martens majority owner, private equity firm Permira, which bought the company in 2014 for 380 million euros ($460.10 million).”
> Exchange/Ticker: London Stock Exchange/DOCS
> Amount raised: £1.3B ($1.78B)
> Market cap: £3.7B ($5.07B)
> Price/share: £3.70 ($5.06)
Mytheresa Holding AG went public on the New York Stock Exchange on January 21, with the German luxury fashion online retailer’ selling 15.6 million American depositary shares. The company said it will use some of the proceeds to repay debt related to last year’s bankruptcy of former owner Neiman Marcus.
> Exchange/Ticker: NYSE/MYTE
> Amount raised: $406.8M
> Market cap: $3.08B
> Price/share: $26
Apparel and accessories resale marketplace Poshmark, whose early backers included Ashton Kutcher and celebrity stylist-turned-designer Rachel Zoe, started trading on the Nasdaq on Jan. 14, selling 6.6 million shares and nabbing an initial valuation of roughly $8 billion.
> Exchange/Ticker: Nasdaq/POSH
> Amount raised: $277.2M
> Market cap: $8B
> Price/share: $42
Digitally-native luxury retailer Cettire listed on the Australian Securities Exchange in December 2020. Prior to the IPO, founder Dean Mintz owned the entirety of the company, selling off 34 percent by way of the public listing.
> Exchange/Ticker: ASX/CTT
> Amount raised: $65M
> Market cap: $190.6M
> Price/share: $0.50
Katy, Texas-based Academy Sports and Outdoors, which is owned by U.S. private equity firm KKR & Co. Inc., sold15.625 million shares in its October 2020 IPO.
> Exchange/Ticker: Nasdaq/ASO
> Amount raised: $182.8M
> Market cap: $1.1B
> Price/share: $13
The RealReal sold off 15 million shares in its IPO in June 2018, marking the first public offering to come from the online luxury resale wave. The shares sold for $20 each in the wake of the San Francisco-headquartered company saying that it marketed them for in the $17 to $19 range.
>Exchange/Ticker: Nasdaq/REAL
> Amount raised: $300M
> Market cap: $1.65B
> Price/share: $20
Influencer-centric retailer Revolve offered up 11.8 million shares at $18, the high end of its estimate range in its stock market debut in June 2019. Founded in 2003, the Cerritos, California-based company touts itself as “the next-generation fashion retailer for Millennial and Generation Z consumers.”
> Exchange/Ticker: NYSE/RVLV
> Amount raised: $212M
> Market cap: $1.23B
> Price/share: $18
Denim giant Levi Strauss & Co. went public after first listing in 1971 (selling a total of 1.27 million shares at $47 each) and subsequently being taken private by the Haas family, the descendants of founder Levi Strauss, in a $1.6 billion leveraged buyout in 1985. In furtherance of the 2019 IPO, members of the Haas family sold upwards of 21 million shares, continuing to hold almost 81 percent of voting power, “through the company’s dual share structure,” per CNBC.
> Exchange/Ticker: NYSE/LEVI
> Amount raised: $623.3M
> Market cap: $8.7B
> Price/share: $17
Chinese online fashion company Mogu Inc. made its initial public offering on Dec. 5, 2018, offering 4.75 million American Depositary Shares, which represent 118.8 million Class A shares. The filing came amid escalating trade tensions, which prompted many investors to shun Chinese stocks.
> Exchange/Ticker: NYSE/MOGU
> Amount raised: $67M
> Market cap: $1.3 billion
> Price/share: $14
London-based Farfetch, which connects fashion consumers to hundreds of boutiques and fashion labels but carries no inventory – issued 33.6 million new shares and existing shareholders, including early backers, such as Advent Venture Partners and Vitrurian Partners, selling 10.6 million. The successful of the IPO “underscores how big a bet web sales have become for high-end brands,” Reuters reported at the time.
> Exchange/Ticker: NYSE/FTCH
> Amount raised: $885M
> Market cap: $5.8B
> Price/share: $20
UPDATED (Dec. 19, 2023): The New York Stock Exchange announced that the staff of NYSE Regulation “has determined to commence proceedings to delist the Class A ordinary shares of Farfetch Limited from the NYSE,” with trading in the Company’s Class A ordinary shares to be “suspended immediately.”