Madewell, the fast-growing women's retail business owned by J.Crew, filed for an initial public offering that sets the stage for its anticipated split.
J.Crew will spin off Madewell, its fast-growing women's brand, in a bid to raise cash and engineer its own turnaround.Madewell filed for an initial public offering on Friday afternoon, setting the stage for its anticipated split from struggling parent company J.Crew.in April, saying that a spin-off of the fast-growing women’s brand could help it raise much-needed cash and reduce its own enormous debt load.
“While J.Crew continues to struggle, Madewell has emerged as the company’s crown jewel, accounting for the majority of profits,” wrote Raya Sokolyanska, an analyst at Moody’s, in an emailed comment. Madewell primarily sells its apparel, shoes and accessories online and in its own stores, with e-commerce making up about 40% of its direct-to-consumer business. However, the company has said it would like the website to generate over half these sales. The company also has a growing wholesale channel. It began selling its items at retailers like Nordstrom, Stitch Fix and Net-a-Porter in 2015 and last year that business brought in 13% of its revenues.
“What will change? In some ways, we will continue on as we have—growing organically and authentically, with our customers at the center of every decision we make,” wrote Wadle in a letter to investors, published on Friday. “But we will also focus on considerable growth through new opportunities, including driving outsized growth in e-commerce, expanding our product range and further developing our membership program.
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