Warby Parker to go public, reveals rising revenue as well as losses
Months after New York-based Warby Parker filed confidentially for an initial public offering, the digital-first eyewear retailer announced that it has publicly filed a registration statement.
According to documents filed Tuesday with securities regulators, Warby Parker is preparing to debut on Wall Street and intends to list its Class A common stock on the New York Stock Exchange under the ticker symbol “WRBY.”
The SEC filing revealed the brand’s financials for the first time ever showcasing growing net revenues from 2018 to 2020, which totalled $273 million, $370 million and nearly $394 million, respectively. Most recently, in the period ending June 30, 2021, the company reported a loss of $7.3 million, however, and it was not the first time that it lost money or broke even.
Still, it is hoping to join a growing list of consumer-facing brands that will be trading soon on Wall Street. The company joins the likes of Poshmark, ThredUp, Dr Martens and The RealReal who have all filed for an IPO since the start of the year.
The direct-to-consumer brand was founded in 2010 and is best known for selling lower-priced, fashion-forward prescription glasses. Since inception, its digital strategy has evolved to include retail. Today, it operates more than 145 stores.
In its most recent round of venture funding in 2020, Warby Parker raised $120 million, which gave it a value of $3 billion.
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