Aéropostale, the owner of Sports Illustrated files its IPO in the United States
July 6 (Reuters) – Authentic Brands Group Inc filed an initial public offering in the United States on Tuesday after a year in which the parent company of clothing chain Aéropostale and Sports Illustrated magazine reported strong profit growth.
In a regulatory filing, Authentic Brands listed asset manager BlackRock Inc. BLACK.N, U.S. private equity firm General Atlantic LLC and mall owner Simon Property Group Inc SPG.N among its shareholders.
Authentic Brands, which also owns the Forever 21 brand, plans to list its shares on the New York Stock Exchange under the symbol “AUTH,” it said in a regulatory filing.
The company’s 2020 net profit jumped to around $ 211 million from $ 72.5 million a year earlier, as revenue increased
nearly 2% to $ 488.9 million.
The company was targeting a valuation of around $ 10 billion when it went public, CNBC reported in May, citing someone familiar with the matter.
In an era when peers like PVH are streamlining their portfolios by selling brands, Authentic Brands Group has quickly amassed over 30 labels that are sold in around 6,000 stores. Its rich portfolio of brands includes those in the media, entertainment, fashion, home, active lifestyle and outdoor sectors.
Last month, Authentic Brands Group struck a deal with PVH Corp, owner of Calvin Klein. PVH.N to buy the Izod, Van Heusen, Arrow and Geoffrey Beene brands in a deal valued at around $ 220 million.
The Nautica brand owner also said in the filing that he intends to purchase more brands, with opportunities in lifestyle, entertainment and other emerging areas.
BofA Securities, JP Morgan and Goldman Sachs & Co LLC are among the major underwriters of the IPO.
(Reporting by Praveen Paramasivam in Bengaluru; editing by Maju Samuel)
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