Shoemaker Allbirds is interviewing several banks in preparations for going public.
While the company’s timeline for filing for an initial public offering (IPO) remains unclear, its move to go public will follow a slew of other brands that are also in preparations as they look to ride the coattails of mounting investor enthusiasm for a post-pandemic market. This includes Warby Parker and Jessica Alba’s Honest Co.
Allbirds, which was last valued at $1.7 billion, has seen growing demand for its products, especially for its slip-on sneakers made out of wool and other sustainable materials. The brand’s cult-like following in the Silicon Valley market catapulted it to global recognition, CNBC reported.
Now, the brand is also competing with giants such as Adidas and Nike with its own running shoes, which it launched in April last year. More recently, the company has expanded into other product categories, including socks, sweaters and jackets.
“A big focus for us is to try and make better products with less environmental impact,” said Allbirds co-founder Tim Brown in an interview with CNBC. “The business has been extraordinarily resilient through a difficult period of time.”
The company currently operates 23 stores, which includes locations in cities such as Berlin, London, Shanghai and Tokyo. The company has so far raised $200 million.