Fast-growing activewear brand Vuori is reportedly talking to bankers about a possible initial public offering next year.
A report Sept. 29 from Bloomberg said the Encinitas, California-based company, valued at $4 billion, could look to go public as soon as mid-2024. The report cited anonymous sources with knowledge of the company’s plans.
The talks are apparently still early, with Bloomberg reporting Vuori had not yet made a final decision on an IPO.
A spokesperson for Vuori declined to comment on the report.
Vuori founder Joe Kudla started the business in 2015 and built a strong following among specialty surf shops and the broader Southern California market before gaining ground in other parts of the country using e-commerce and digital advertising.
The brand is repeatedly called out by both industry retailers and major chains, such as Nordstrom Inc., for its popularity among consumers.
In 2019, Norwest Venture Partners invested $45 million in Vuori. Two years later the company received a $400 million investment from Softbank’s Vision Fund 2 in a raise that valued Vuori at $4 billion.
The privately-held company doesn’t disclose financial information. However, Kudla told Shop Eat Surf in an interview last year the business’s revenue grew over 100% in 2021.
At the time of the Softbank investment, the company said it aimed to grow its base of U.S. retail stores to more than 100 by 2026, and that continues to be the brick-and-mortar growth target. Today, the company counts over 40 locations domestically, including the first-ever door in New York. The Soho location opened nearly a year ago and spans 5,000 square feet.
Outside the U.S., Vuori has a store in London’s Covent Garden and a pop-up in Shanghai.
It hired its first-ever general counsel and corporate secretary in Libby Stockstill, who previously served as vice president and global general counsel at Vans.
Jen Frisch joined Vuori as the company’s first chief people officer, responsible for hiring at both headquarters and the growing store fleet.
Other additions to the C-suite include Chief Information Officer Bryan Muehlberger, the company’s first CIO, and Chief Operating Officer Hugh Garrity.
Kari Hamanaka can be reached at email@example.com.