Fitness apparel brand Vuori is in talks with investment banks to explore a mid-2024 initial public offering (IPO), according to people familiar with the matter.
With its IPO, the company is hoping to surpass the $4 billion valuation it had achieved in a $400 million funding round led by SoftBank Group Corp.’s Vision Fund 2 in 2021.
The California-based company, which was founded by Joe Kudla in 2014, is expected to choose advisors for its IPO next week, although its plans could change as a final decision has not been made yet.
Vuori’s plans to go public come a year after the company revealed plans to expand its business outside the United States to various other international markets, including China, Hong Kong, Singapore, the Middle East, and Mexico.
Last year, the company also expanded its business in Australia, Canada, France, Germany, Ireland, the Netherlands, and the United Kingdom and had plans to launch its business in Japan and South Korea.
Vuori’s success in the U.S. and abroad underpins continued demand for athleisurewear even as consumers cut back on making discretionary purchases. The company’s competitor, Lululemon, has seen its stock rise by 20% this year as it has managed to grow its profit margins amidst rising consumer demand.
Photo credit: Vuori