Discount eCommerce retailer, Rue Gilt Groupe, is in the early stages of preparing for an initial public offering.
According to people close to the matter, Mark McWeeny, the chief executive officer at Rue Gilt Groupe, is currently working with underwriters ahead of a U.S. public-market debut.
Rue Gilt Groupe, which is the parent company of Rue La La, Gilt and Shop Premium Outlets, features more than 5,000 luxury and premium brands and offers discounts of as much as 70 percent off full-price retail, according to the company website.
The company’s platforms offer shoppers an online treasure hunt-like experience through daily boutique “popups,” which offer products from top brands at compelling values. Rue Gilt Groupe has attracted a large and growing number of loyal members and has established itself as a recognized premium and luxury brand’s off-price channel.
In 2019, Simon Property Group Inc. looked to acquire a 50 percent stake in Rue Gilt Groupe for $280 million after the platform had expanded its reach to more than 25 million members and was on track to surpass $1 billion in annual sales.
The acquisition came after Rue La La bought Gilt from Hudson’s Bay Co. in 2018.