Fashion

Allbirds Targets $2 Billion Valuation in New York IPO

Allbirds aims for a $2 billion valuation in New York IPO. Allbirds.

The direct-to-consumer footwear brand announced on Monday that it will offer 19.2 million shares priced between $12 and $14 per share. Allbirds could raise up to $269 million in filing for its initial public offering, reports Footwear News.

Allbirds — a certified B Corp. — has won customers globally with sustainability as a core tenet of the brand. “We have methodically built the foundation for our business to ensure that our customers do not have to compromise between looking good, feeling good, and doing good for the planet,” the company’s IPO filing reads.

Since launching in 2016 with a $95 sneaker made from merino wool, the digital-native company has been a standout in the first generation of direct-to-consumer brands, a group that includes Warby Parker and Everlane.

The footwear company is yet to turn a profit, with its filing noting that the company has “incurred significant net losses since inception” and anticipates that it “will continue to incur losses for the foreseeable future.”

Allbirds is expected to file for an IPO in New York in late 2021.

Learn more:

Warby Parker, Allbirds and Why DTC Brands Still Can’t Scale Profitably

The two companies’ recent IPO filings revealed growing sales and growing losses. These digital innovators now see stores and other old-school retail strategies as the key to success.

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