Tuesday, October 19

Jewelry retailer Claire’s revives listing plans


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Claire’s Inc, the jewelry and accessories retailer backed by Goldman Sachs, filed for an initial public offering in the United States on Wednesday, more than four years after scrapping its listing plans.

Founded in the 1960s in Chicago, Claire’s sells necklaces, bracelets and accessories including headphones and soft toys.

Private equity giant Apollo Global Management Inc took Claire’s private following a more than $3 billion deal in 2007. Claire’s previously filed for an IPO in 2013, only to scrap the listing plans in 2017.

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The jewelry retailer is also backed by affiliates of JPMorgan Chase & Co and billionaire Paul Singer’s hedge fund Elliott Management Corp.

Claire’s net loss widened to $144.3 million in the second quarter this year, from a $37.8 million loss a year earlier. Net sales in the same period nearly doubled to $355.7 million.

Sales at US retailers have bounced back in recent months following the roll-out of COVID-19 vaccines and easing of pandemic-related restrictions. Demand for jewelry, perfumes and accessories has also seen an increase as people return to social events and occasions.

Goldman Sachs, Citigroup and Morgan Stanley are the lead underwriters for the IPO. (Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta)



financialpost.com

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