Activewear brand Vuori Inc. is negotiating with investment banks about an IPO as early as mid-2024, insiders report.
The apparel company would seek to increase its $4 billion valuation with an IPO in a 2021 funding round led by SoftBank Group Corp.’s Vision Fund 2. to surpass, said the people, who spoke on condition of anonymity to discuss private information.
Vuori could choose its advisers within weeks but has not yet made a final decision and its plans could change, the people said. A SoftBank representative declined to comment. A spokesman for Vuori did not immediately respond to requests for comment.
Founded by Joe Kudla in the San Diego area, the company expanded to the East Coast and opened its first store in New York in 2022. It has since established an international presence with locations in countries such as the UK and China.
Vuori raised $400 million from SoftBank Vision Fund 2 in the 2021 round, the company said at the time. Norwest Venture Partners also invested in Vuori in 2019.
Activewear remains a popular clothing category even after the pandemic as fashion has taken a more casual trend. Shares of Lululemon Athletica Inc. rose 20 percent this year on strong demand and expanding margins.
By Ryan Gould, Crystal Tse and Katie Roof
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