Apparel chain operator Authentic Brands Group (ABG), owner of Aéropostale, Forever 21, Lucky, Barneys New York, and more than 30 other brands, officially dropped its plans for an initial public offering, according to its filing with the Security and Exchange Commission (SEC) and other reports.
The company’s portfolio spans the luxury, specialty, department store, mid-tier, mass, and eCommerce sectors, and it recently acquired a majority stake in former soccer player David Beckham’s brand-management company, DB Ventures LLC, according to reports. The £ 200 million deal gives Authentic Brands a 55% stake in Beckham’s company.
See also: Authentic Brands to Buy Majority Stake in DB Ventures
Although no definitive reason was given for shelving the IPO, a November 2021 report in Retail Dive indicated that the company was planning to hold off its public offering on the NYSE after gaining new investors CVC Capital Partners and HPS Investment Partners.
“We pursued an IPO so that we could bring value to ABG and its shareholders,” a company spokesperson told Retail Dive. “We are achieving exactly that with the onboarding of new equity partners.”
In addition to apparel brands, ABG also owns the rights to Elvis Presley, Muhammad Ali and other celebrity names, as well as the sports media giant Sports Illustrated.
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Authentic Brands CEO Jamie Salter said the company will target an IPO date in 2023 or 2024, according to a CNBC report.
The equity stakes sold to CVC Capital, HPS Investment Partners, and a pool of existing stakeholders, announced by Authentic Brands in November, gave the company a $12.7 billion enterprise value. CVC and HPS will join ABG’s Board of Directors.
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