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Fabletics Taps Banks To Go Public

Fabletics Taps Banks To Go Public

Fabletics Taps Banks To Go Public

Workout apparel brand Fabletics is preparing for an initial public offering (IPO), which it hopes would raise its valuation to more than $5 billion.

The company has selected Morgan Stanley, Goldman Sachs, Barclays Plc and Bank of America as its banking partners for the IPO in which it is aiming to raise nearly $500 million.

The eight-year-old company was founded by Adam Goldenberg, Don Ressler and American actress Kate Hudson. Since its founding, the mid-tier brand has sought to fill the gap between high-end athleisure brands such as lululemon and the cheaper options that are available in the market.

The brand operates a membership model, wherein members pay a monthly fee — an equivalent of which can be used to buy clothing or members can choose to skip a month, the Wall Street Journal reported. Recently, the company has sought to double down on its brick and mortar business, following growth in demand for athleisure wear during the pandemic.

In March, the company announced plans to open 24 new locations in the U.S. by the end of this year, which would bring its total store count to 74.

The company is working on designing its stores to deliver an omnichannel and a unique and frictionless shopping environment. Through the brand’s proprietary OmniShop technology, sales associates will be able to leverage customer insights in real-time to better deliver a personalized experience. Fabletics is also planning to analyze its in-store shopping behavior data and apply feedback in real-time to improve its overall operations.

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