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Online boutique Lulus plans to go public for $ 1 billion

(Bloomberg) – Lulus, the online retailer with a focus on women’s clothing, is planning an IPO this year, according to experts.

The Chico, California-based company works with Goldman Sachs Group Inc. and Bank of America Corp. on the proposed listing, said those who asked not to be identified to discuss private information. The company could be valued at around $ 1 billion, people said.

A Lulus spokesman did not immediately respond to a request for comment. Goldman Sachs and Bank of America officials declined to comment.

Direct-to-consumer companies are pouring into the public market as winners of the stay-at-home economy. Many clothing sellers switched to selling lounge clothing and masks during the pandemic.

Lulus raised $ 120 million in a funding round in 2018 from venture capital firm IVP and the Canada Pension Plan Investment Board, according to a statement. She also counts HIG Growth Partners among the supporters.

Lulus, founded in 1996 by mother and daughter Debra Cannon and Colleen Winter, does not operate brick-and-mortar stores. The company announced in 2019 that it had opened a fulfillment center in Pennsylvania to improve its delivery to the east coast and the American Midwest.

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