Trendy shoe brand Allbirds is in the process of surveying banks in preparation for an IPO, according to a report in the New York Times DealBook. The direct-to-consumer company was last valued at around $ 1.7 billion. An Allbirds representative did not immediately respond to CNBC’s request for comment.
It’s not clear when Allbirds plans to go public, but an IPO would put it in an already hot market fueled by a number of tech IPOs in recent times. Consumer brands like Jessica Alba’s Honest Company are now preparing their debut. Eyewear retailer Warby Parker and Panera’s parent company JAB Holdings are also reportedly looking to go public as post-pandemic investor enthusiasm for retail and restaurant brands grows.
During the health crisis, Allbirds saw growing momentum in its products – including its iconic slip-on sneakers made from wool and other sustainable materials. The brand began with an iconic following in Silicon Valley that quickly spread to worldwide recognition.
According to its website, the company now has 23 stores, including in London, Berlin, Shanghai and Tokyo. Last year, Allbirds launched its first running shoe and prevailed against bigger competitors like Nike and Adidas. It has also started selling various items of clothing, including socks, sweaters, and jackets.
“A big focus for us is making better products with less impact on the environment,” said Tim Brown, co-founder of Allbirds, in a recent interview with CNBC. “The business was extremely resilient in a difficult time.” Allbirds has raised more than $ 200 million, according to Crunchbase.