US shoe manufacturer Cole Haan has filed for an initial public offering (IPO), with plans to raise up to US$100m.
The footwear firm, once owned by Nike, plans to list on Nasdaq under the symbol ‘CLHN’ it said in a filing to the Securities and Exchange Commission (SEC) on Friday (14 February). The company had submitted a confidential offering in October last year.
Cole Haan was bought by Nike in 1998 before being sold to private equity firm Apax Partners in 2013.
“Today, the Cole Haan brand is resonating across the globe,” CEO Jack Boys said in the company’s filing. “Our customers believe in the promise of our brand and are demonstrating increased demand for our breakthrough products. I am confident we are only at the beginning of our journey.
“With our foundational investments in place, Cole Haan is now a modern enterprise built for the digital future. I believe we have the scale and capabilities for sustainable and profitable growth. My colleagues and I are extremely proud to carry the Cole Haan legacy forward. As we move to our next chapter, we will always endeavour to do right by our customers, employees, partners, stakeholders and investors.”
The company has built a global, multi-channel distribution network across 64 countries that includes its global digital flagship site, 368 stores and over 450 global wholesale accounts. In the six months ended 30 November, Cole Haan recorded net income of US$24.8m from $29.4m a year earlier, while revenues were up 14.7% to $403.1m.
“Cole Haan has staged a significant turnaround over the past several years, and has become a rare growth story among private equity-owned apparel and footwear retailers,” says Moody’s vice president-senior analyst Raya Sokolyanska.
“What has differentiated the company in this challenging space is its ability to reinvigorate an established brand with product innovation and digital marketing. Its pivot towards casual and athletic styles enabled it to attract a younger consumer and benefit from the casualisation trend.”