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A girl walks previous an Allbirds retailer within the Georgetown neighborhood of Washington, D.C., on Tuesday, Feb. 16, 2021.
Al Drago | Bloomberg | Getty Pictures
The stylish shoe model Allbirds is within the strategy of interviewing banks in preparation for an preliminary public providing, in keeping with a report within the New York Instances DealBook.
The direct-to-consumer firm was final valued at roughly $1.7 billion.
A consultant from Allbirds didn’t instantly reply to CNBC’s request for remark.
It is not clear when Allbirds plans to go public, however an IPO would launch it into an already scorching market, fueled by a current slew of tech IPOs. Client-facing manufacturers reminiscent of Jessica Alba’s Sincere Firm are actually readying a debut. The eyeglass retailer Warby Parker and Panera’s mum or dad firm JAB Holdings are additionally reportedly trying to go public amid mounting investor enthusiasm post-pandemic for retail and restaurant manufacturers.
In the course of the well being disaster, Allbirds has seen momentum for its merchandise — together with its iconic slip-on sneaker made out of wool and different sustainable supplies — continue to grow. The model began with a cult-like following in Silicon Valley, which shortly unfold to international recognition.
It has 23 shops in the present day, in keeping with its web site, together with areas in London, Berlin, Shanghai and Tokyo.
Final yr, Allbirds launched its first working shoe, placing it up in opposition to larger rivals together with Nike and Adidas. It additionally has began promoting numerous clothes, together with socks, sweaters and jackets.
“An enormous focus for us is to attempt to make higher merchandise with much less environmental impression,” Allbirds co-founder Tim Brown advised CNBC in a current interview. “The enterprise has been terribly resilient by way of a tough time frame.”
Allbirds has raised greater than $200 million so far, in keeping with Crunchbase.
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