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Madewell, J Crew's denmark, files for an IPO

The company is to be called the Madewell Group and wants to list its shares on the New York Stock Exchange or Nasdaq, said a filing of securities late Friday. At this early stage, Madewell did not list an IPO or say when it plans to go public. The next step will be to meet investors and gauge interest in a public offering through what is known as a "road show."

While J Crew is known for selling preppy clothing at high prices, Madewell launched in 2006 as a boutique denim jeans brand with tops and jackets that shoppers wear jeans. It has expanded to the basics of wardrobe, shoes, bags and other accessories. Madewell lends to investors as an inclusive, sustainable gear brand that has a good track record of pulling Millennials. Most of his jeans cost between $ 1[ads1]00 and $ 150.

Madewell reached more than $ 600 million in sales during fiscal 2018, up from $ 248 million in 2014, according to the filings. As of August, the Madewell company operated 132 small American stores, mainly in exclusive shopping malls and on street corners. Around 60% of Madewell's customers participated in its membership program last year and 37% of sales came online, it says.

The brand's fate has increasingly deviated from J Crew, which lost sales, closed stores and piled up $ 1.7 billion of debt. In November, J Crew's CEO retired less than two years into the job. J Crew appointed an interim CEO in April.

"While J.Crew continues to struggle, Madewell has emerged as the company's crown jewel and accounts for most of the profits," said Raya Sokolyanska, senior analyst at Moody's. A successful Madewell IPO can help J Crew pay down a "meaningful portion" of debt.

Libby Wadle, a veteran of J Crew who has been involved with Madewell, will continue as the brand's CEO.

"I have been a part of Madewell from the very beginning, including the original incubation period," she said in the filing. "We're on a mission to get more butts in our jeans."

Madewell said it plans to grow by gaining brand awareness, opening 10 to 15,000 square feet of stores a year, expanding product selection and testing international markets.

The scheduled Madewell spinoff comes months after Old Navy said it would spin off from Gap. On Thursday, the Old Navy said it would open 800 new stores in the coming years.
Earlier this year, another denim brand, Levi Strauss ( LEVI ) went public in an effort to fund expansion in the US and abroad, as well as buying up trendy brands.

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