Solo Brands, a renowned outdoor lifestyle specialist, has filed for an initial public offering (IPO).
The outdoor wear firm, which recently acquired the American online clothing brand Chubbies, reportedly, plans to pay down debts and acquire more companies by going public.
There are also reports that the current shareholders of Solo Brands will continue to have significant voting influence over the firm for the foreseeable future.
The second half of 2021 has seen several direct-to-consumer (DTC) brands filing for an IPO, which include the likes of a.k.a Brands, On and All Birds amongst many others. And now Solo Brands has joined the list.
By acquiring several notable brands in 2021, Solo Brands has significantly grown its revenue in the first 6 months of this year, compared to what it was in the same period of 2020.
Brand wise, net sales of Chubbies and Isle amounted to US $ 44 million and US $ 21 million, respectively, in 2020. Solo Brands today has a base of 2.3 million customers, with 4.5 million followers on social media.