Online Boutique Lulus Is Planning IPO at $1 Billion Value

Lulus, the online retailer that focuses on female apparel, is planning an initial public offering this year, according to people with knowledge of the matter.

The Chico, California-based company is working with Goldman Sachs Group Inc. and Bank of America Corp. on the planned listing, said the people who asked not to be identified discussing private information. The company could be valued at around $1 billion, the people said.

A Lulus spokesperson didn’t immediately respond to a request for comment. Representatives for Goldman Sachs and Bank of America declined to comment.

Direct-to-consumer companies are flocking to the public market as winners of the stay-at-home economy. Many apparel sellers have pivoted during the pandemic to sell lounge wear and masks.

Lulus raised $120 million in a funding round in 2018 from late-stage venture capital firm IVP and Canada Pension Plan Investment Board, according to a statement. It also counts H.I.G. Growth Partners among backers.

Lulus, started by mother and daughter Debra Cannon and Colleen Winter in 1996, doesn’t operate brick-and-mortar stores. It announced in 2019 that it opened a fulfillment center in Pennsylvania to improve its East Coast and Midwest U.S. delivery.

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