×
61 209
Fashion Jobs
ULTA BEAUTY, INC.
Retail Operations Manager
Permanent · Danbury
ULTA BEAUTY, INC.
co - Sales Manager
Permanent · Pensacola
ULTA BEAUTY, INC.
Retail Sales Manager
Permanent · Houston
ULTA BEAUTY, INC.
General Manager
Permanent · Annapolis
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Old Orchard - Part Time
Permanent · Skokie
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Glendale - Part Time
Permanent · Glendale
BLOOMINGDALE'S
Outlet Keyholder Selling, Livermore - Full Time
Permanent · Livermore
BLOOMINGDALE'S
Asset Protection Visual Security Officer, Newport Beach - Full Time
Permanent · Newport Beach
ESTÉE LAUDER
Director, Technical Consumer Design
Permanent · Melville
ESTÉE LAUDER
Business Intelligence & Analytics Lead
Permanent · Melville
ESTÉE LAUDER
Finance Manager, Selling, North America
Permanent · New York
ESTÉE LAUDER
Retail Beauty Sales Manager - Clinique - 40 Hours - Columbus, oh
Permanent · Columbus
ESTÉE LAUDER
Keyholder - Cosmetics Company Store - 20 Hours - Tanger Outlets Southaven - Southaven, ms
Permanent · Southaven
TAPESTRY
Design Director, Concept
Permanent · New York
TAPESTRY
Product Manager
Permanent · New York
TAPESTRY
Manager, Legal Affairs
Permanent · New York
TAPESTRY
Project Manager, Store Construction
Permanent · New York
ROSS STORES
Store Protection Specialist
Permanent · Apopka
BANANA REPUBLIC
General Manager - San Francisco Centre
Permanent · San Francisco
LULULEMON
Store Business Lead | Shops at la Cantera
Permanent · San Antonio
LEVI'S
Manager, Ecommerce Fraud & Payment
Permanent · San Francisco
SALLY BEAUTY CORPORATE
Warehouse Supervisor
Permanent · Justin
By
Reuters
Published
Jul 12, 2019
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

J. Crew reportedly taps banks for IPO of apparel business Madewell

By
Reuters
Published
Jul 12, 2019

J. Crew Group Inc has hired investment banks to prepare for an initial public offering of its Madewell apparel business, as the U.S. clothing chain seeks ways to revive its fortunes, three people familiar with the matter said on Thursday. 


Instagram: @jcrew


J. Crew was taken private in 2011 by private equity firms TPG and Leonard Green & Partners LP in a $3 billion leveraged buyout. The private equity firms declined to comment.

In April, J. Crew said it was exploring alternatives for reducing debt and restoring profitability, and named operations chief Michael J. Nicholson interim CEO.

It had enlisted restructuring advisers at Weil, Gotshal & Manges LLP, the law firm that helped negotiate a previous debt workout for the company and steered department store operator Sears Holdings Corp through bankruptcy, Reuters reported in March.

Madewell has experienced rapid growth, and makes up about 20% of the company’s overall revenue, according to regulatory filings. 

In February, Gap Inc announced plans to separate its better-performing Old Navy business into a publicly traded company.

The Madewell IPO would also cap a run of listings among major jeans brands this year, including Levi Strauss & Co . Denim is undergoing a revival following years of athleisure dominating casual wear.

A slew of U.S. apparel retailers in recent months have carved out divisions to bring overall business back to life.

The move comes three months after J. Crew said it would explore an IPO of the division. The New York-based company is seeking to shore up its strained finances, amid competition from e-commerce firms such as Amazon.com Inc , as well as brick-and-mortar retailers.

J. Crew has enlisted Bank of America Corp, Goldman Sachs Group Inc, JPMorgan Chase & Co and Morgan Stanley as the lead underwriters for an IPO of Madewell expected sometime after the U.S. Labor Day holiday in September, the sources said.

The retailer has a debt load of roughly $1.7 billion. It expects Madewell, known for its denim clothing, to be valued by the stock market at significantly more than that, the sources added. J. Crew will not sell down its entire holding in Madewell right away, according to one of the sources.

The sources spoke on condition of anonymity because the details of the IPO preparations are confidential. 

Representatives for J. Crew, Bank of America, Goldman Sachs, JPMorgan and Morgan Stanley declined to comment or had no immediate comment.

© Thomson Reuters 2021 All rights reserved.