Windsor Fashions, which sells occasion wear like prom dresses, is reportedly eyeing an initial public offering (IPO) 85 years after it was originally founded, Bloomberg wrote Tuesday (Feb. 15).
The company has been working with financial advisors, and the IPO could take place as soon as the first half of the year, depending on the market conditions. Windsor is backed by private equity firm Sun Capital Partners and could be valued at over $1 billion, the report noted.
Windsor had over 230 stores in May and had plans to open 150 more. The company was originally founded in 1937 by two brothers who wanted to sell hosiery and lingerie. The company got investments from Sun Capital in 2017, who also backs other apparel brands like Vince and Scotch & Soda, according to the report.
However, all of this is still up in the air and no decision have been made.
Last October, PYMNTS wrote that occasion wear retailers have seen some massive changes amid the shift to eCommerce over the last few years. Now, 17% of customers are buying more clothes online. That includes almost 20% of Gen Xers and Gen Zers.
Read more: Occasionwear Retailers Benefit from Needs of Buy Now, Get Now Consumers
Andy Solomon, president of Windsor, said he’s seen some retailers not do so well at all, though Windsor itself has actually seen some benefits. That comes from the “buy now, get now” consumer, and a preference for retail brick-and-mortar locations.
“We have this kind of built-in demand where people are coming to get a dress or an outfit for the occasions and events in their life throughout the year,” Solomon told PYMNTS last fall. “And sometimes, it’s for tonight. If it’s for tonight, she needs to walk into a store, try on the dress and take it home.”
Windsor’s stores are mall-based and this has been a comfortable fit for the company thus far, even as many traditional stores have closed in recent years.
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