American specialty retail company J.Crew’s parent company Chinos Holdings has filed a registration statement for denim brand Madewell.
The company has filed the registration statement with the US Securities and Exchange Commission for its initial public offering (IPO).
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Before the completion of the offering, Chinos will be renamed as Madewell Group.
The company has not revealed the number of shares and the price range of the offering, but noted that the IPO proceeds will be used to repay debt and for other corporate purposes.
In the first half of this fiscal year, Madewell sales increased 15% to $272.6m and comparable sales increased 10%.
In the second quarter of 2019, Madewell sales increased by 15% to $139.7m.
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By GlobalDataMadewell CEO Libby Wadle said: “In some ways, we will continue on as we have—growing organically and authentically, with our customers at the centre of every decision we make. But we will also focus on considerable growth through new opportunities, including driving out-sized growth in e-commerce, expanding our product range and further developing our membership program.
“Once a customer discovers Madewell, they fall in love. We know this, which is why increasing brand awareness will also be a primary focus for us, and we see it as our biggest opportunity.”
J.Crew reported flat total revenues at $588.8m, sales decreased 7% and net loss was $44.2m compared to $6.1m in the second quarter.
J.Crew interim CEO Michael J. Nicholson said: “Our second quarter results reflect our ongoing commitment to returning J.Crew to profitable growth over time. Our work to reignite the J.Crew brand with new designs, assortments, and brand expressions is well underway and we remain focused on advancing our digital transformation and elevating customer engagement across channels.”
