About You aims for $ 1.1 billion IPO to return nightlife
About You, an e-commerce fashion retailer, and its shareholders are seeking up to 941 million euros ($ 1.1 billion) in an initial public offering (IPO) in Frankfurt, Bloomberg reported.
The retailer is betting on increased demand as nightlife returns to pre-pandemic levels, according to Bloomberg. The goal of About You is to digitize the old ways of walking in malls. He wants to create a digital shopping experience for smartphones, especially aimed at women in their twenties and thirties.
About You’s business has suffered from the pandemic, despite its work in e-commerce, due to a lack of sleepwear purchases, Bloomberg reported. However, as foreclosure restrictions loosen, the company is apparently poised to benefit from increased sales.
The About You platform also counts an e-commerce technology platform somewhat similar to that of Shopify, which has brands like Marco Polo among its customers, according to Bloomberg.
The IPO comes after THG, another online shopping platform, listed in London a few months ago, Bloomberg reported. THG has a model similar to About You, in which it helps other retailers manage their digital models and operates websites that market a variety of products.
About You shares are traded for between 21 and 26 euros (about $ 26 to $ 32) each until June 14, according to Bloomberg. The new title will begin trading on June 16.
The company plans to sell 28.6 million shares in order to raise at least 600 million euros (approximately $ 731 million). Management and holders want to sell up to 8.4 million shares, Bloomberg reported.
One of the challenges retailers have faced over the past year has been the dichotomy between personalization and privacy, PYMNTS reported. A 2020 report from Episerver found that personalization can go both ways for customers, with some for and others against. Sixty-one percent of those surveyed said they value personalization in marketing and promotions. But one of the biggest concerns is privacy, with 53% of customers saying they want retailers to respect their anonymity.
This, according to PYMNTS, creates the problem: personalization requires giving up personal information.