Monday, January 24, 2022

Forever 21 owner Authentic Brands withdraws IPO plans

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The Authentic Brands apparel chain operator has scrapped its initial public offering plans in the United States, according to an application filed with the securities regulator on Wednesday.

The company did not say why it was suspending its listing. But in November, Forever 21 brand owner CVC Capital Partners and HPS Investment Partners agreed to sell their shares to private equity firms, valued at $ 12.7 billion, including debt.

Authentic Brands owns more than 30 brands, including Aeropostale, Van Heusen and Bandolino, with a retail portfolio that includes luxury, specialty, department stores, mid-range, mass and e-commerce channels.

Earlier this week, the company bought a majority stake in DB Ventures LLC, a brand management company of former footballer David Beckham, according to media reports.

Last July, Authentic Brands applied for public disclosure, intending to list on the New York Stock Exchange, showing a strong jump in revenue in 2020.

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