American e-commerce firm Rue Gilt Groupe, which is known to offer luxury and high-end products including women’s and men’s apparels and footwear, has made distinct its plans to go for an initial public offering (IPO).
In this regard, the US e-tailer recently filed a Form S-1 registration statement with the Securities and Exchange Commission (SEC).
The IPO, reportedly, aims to raise US $ 100 million on the NASDAQ with the expected ticker symbol of RGG.
Rue Gilt Groupe had posted a net loss of US $ 12.6 million on net revenue of US $ 516.5 million for the period of 9 months that ended 2 October 2021. Notably, the loss was US $ 20.1 million on net revenue of US $ 385.9 million in the same period a year before.
In the filing with SEC, Rue Gilt Groupe said that it has been facing operating losses every year since its inception and may not be able to attain or maintain profitability moving forward.
Here it is important to mention that the firm posted a net loss of US $ 15.9 million two years back, while the loss was US $ 16.3 million in 2020.
RueLaLa, which was launched in 2008, bought flash sale site Gilt Groupe from Hudson’s Bay Co. in 2018 – thereby forming a new entity called Rue Gilt Groupe. Rue Gilt Groupe currently has 1 million active buyers.
