Fast-growing activewear brand Vuori is reportedly talking to bankers about a possible IPO next year.
A report from Bloomberg on Friday said the Encinitas-based company, valued at $4 billion, could go public as early as mid-2024. The report cited anonymous sources with knowledge of the company’s plans.
Discussions are apparently still in their early stages, as Bloomberg reports that Vuori has not yet made a final decision on an IPO.
Spokespeople for Vuori did not immediately respond to a request for comment on the report Monday.
Vuori founder Joe Kudla founded the company in 2015 and built a strong following among specialty surf shops and the broader Southern California market before expanding to other parts of the country using e-commerce and digital advertising.
The brand is consistently praised by both industry retailers and major chains like 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, making Vuori worth $4 billion.
The privately held company does not disclose financial information. However, Kudla said in an interview with Shop Eat Surf last year that the company’s revenue increased over 100% in 2021.
At the time of Softbank’s investment, the company said it aimed to grow its U.S. retail store count to over 100 by 2026, and that remains its brick-and-mortar growth target. Today, the company has over 40 locations nationwide, including its first ever door in New York. The Soho location opened almost a year ago and spans 5,000 square feet.
Outside the US, Vuori has a store in London’s Covent Garden and a pop-up in Shanghai.
The company has recently strengthened its Vuori Nabs Former Vans, Billabong, Yeti Execs as it fills out the C-suite to accommodate the growing organization as it expands its business and international footprint.
The company hired its first general counsel and corporate secretary, 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 and was 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 protected].
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