Cole Haan cancels IPO plans
Cole Haan has canceled its plans for an initial public offering, which it first announced over one year ago.
In a filing with the Securities and Exchange Commission (SEC), the footwear and accessories brand said on Friday that it was withdrawing its registration to go public, but kept the right to use the SEC fees it previously spent for future use.
Its brand owners, private equity firm Apax Partners, decided to take Cole Haan public, after reporting annual sales of $687 million in the fiscal year ended June 1, 2019. But it filed maybe too soon, as come February 2019, when it officially filed a registration statement with the SEC, the Covid-19 outbreak was just beginning.
Apax Partners, which acquired the brand from Nike in 2013, applied to list Cole Haan common stock on the NASDAQ as “CLHN”. It did not yet share the number of shares of common stock to be offered or the price range of the proposed offering.
Less than a month after, it delayed plans to kick off its initial public offerings as the Covid-19 situation worsened.
Still a number of fashion brands are jumping into the IPO market. German online luxury retailer Mytheresa was valued at $2.2 billion in its initial public offering in New York, last week.
Likewise, Poshmark, the online secondhand store, saw shares more than doubled in the retailer's public debut early this month.
Meanwhile, on the London Stock Exchange, UK fashion brand Dr Martens expected to launch a stock market listing on Monday.
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