Shoemaker Allbirds in talks with banks for IPO: Report
A girl walks previous an Allbirds retailer within the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.
Al Drago | Bloomberg | Getty Photos
The stylish shoe model Allbirds is within the strategy of interviewing banks in preparation for an preliminary public providing, in accordance with a report within the New York Occasions DealBook.
The direct-to-consumer firm was final valued at roughly $1.7 billion.
A consultant from Allbirds didn’t instantly reply to CNBC’s request for remark.
It is not clear when Allbirds plans to go public, however an IPO would launch it into an already sizzling market, fueled by a current slew of tech IPOs. Shopper-facing manufacturers corresponding to Jessica Alba’s Sincere Firm at the moment are readying a debut. The eyeglass retailer Warby Parker and Panera’s father or mother firm JAB Holdings are additionally reportedly seeking to go public amid mounting investor enthusiasm post-pandemic for retail and restaurant manufacturers.
In the course of the well being disaster, Allbirds has seen momentum for its merchandise — together with its iconic slip-on sneaker made out of wool and different sustainable supplies — continue to grow. The model began with a cult-like following in Silicon Valley, which shortly unfold to world recognition.
It has 23 shops as we speak, in accordance with its web site, together with places in London, Berlin, Shanghai and Tokyo.
Final 12 months, Allbirds launched its first working shoe, placing it up in opposition to larger rivals together with Nike and Adidas. It additionally has began promoting numerous clothes, together with socks, sweaters and jackets.
“An enormous focus for us is to attempt to make higher merchandise with much less environmental affect,” Allbirds co-founder Tim Brown advised CNBC in a current interview. “The enterprise has been terribly resilient by means of a troublesome time period.”
Allbirds has raised greater than $200 million to this point, in accordance with Crunchbase.
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