Allbirds Inc., the sustainable lifestyle brand known for its shoes and sneakers, has filed for an initial public offering.Morgan Stanley, JPMorgan and BofA Securities are lead underwriters among a team of 17 banks working on the deal.
Read: Authentic Brands IPO: 5 things to know about the company behind Sports Illustrated, Forever 21 and Marilyn Monroe Still, the company says it’s capitalizing on the biggest trend of all at the moment: more casual fashions. Revenue in 2020 was $219.3 million, up from $193.7 million the year before. Digital revenue was $$194.6 million in 2020. About 53% of 2020 sales were from repeat customers.
“By serving consumers directly, we cut out the layers of costs associated with traditional wholesalers, creating a more efficient cost structure and higher gross margin, which we believe allows us to deliver better products and a better experience to customers at a price point competitors would have difficulty matching,” the company said.
Also: Warby Parker IPO: 5 things to know about the affordable eyeglass maker before its direct listing
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