Vuori: A Softbank-Backed Lululemon Rival
Vuori, a sportswear company backed by Softbank Group Corp., is reportedly planning to go public next year. The company, which is seen as a rival to Lululemon Athletica Inc., is said to be in the early stages of preparing for an initial public offering (IPO).
Vuori was founded in 2016 by Joe Kudla, a former professional surfer. The company has since grown to become a major player in the athleisure market, with its products being sold in more than 1,000 stores in the U.S. and Canada. It has also been expanding its presence in Europe and Asia.
Softbank’s Investment in Vuori
Softbank has been a major investor in Vuori since 2018, when it led a $17 million funding round. Since then, the Japanese conglomerate has continued to invest in the company, including a $50 million round in 2020.
Softbank’s investment has helped Vuori expand its product line and reach new markets. The company now offers a wide range of apparel, including men’s and women’s activewear, swimwear, and lifestyle clothing. It also has a growing presence in the yoga and fitness markets.
Vuori’s Growth and Expansion
Vuori has seen rapid growth in recent years, with sales increasing by more than 50% in 2020. The company has also been expanding its presence in the U.S. and abroad, with plans to open more stores in the coming years.
Vuori has also been investing heavily in digital marketing and e-commerce. The company has launched several initiatives to drive online sales, including a subscription service and a loyalty program. It has also been investing in influencer marketing and social media campaigns.
Vuori’s IPO Plans
Vuori is reportedly in the early stages of preparing for an IPO. The company is said to be working with investment banks to explore its options. It is unclear when the IPO will take place, but it is expected to be sometime in the next year.
The IPO could value Vuori at more than $1 billion, according to people familiar with the matter. The company is expected to use the proceeds to expand its product line and reach new markets.
Vuori’s Competition
Vuori is seen as a major rival to Lululemon, the Canadian athleisure giant. The two companies have been competing for market share in the U.S. and abroad.
Lululemon has been expanding its presence in Europe and Asia, while Vuori has been investing heavily in digital marketing and e-commerce. The two companies are also competing for customers in the yoga and fitness markets.
Vuori’s Future
Vuori is well-positioned to capitalize on the growing athleisure market. The company has been expanding its product line and reaching new markets, while also investing heavily in digital marketing and e-commerce.
The company’s IPO could value it at more than $1 billion, and the proceeds could be used to further expand its presence in the U.S. and abroad. With Softbank’s backing, Vuori is well-positioned to become a major player in the athleisure market.