Allbirds has filed for an initial public offering to meet growing consumer demand. The footwear brand began as a direct-to-consumer retailer, but opened their first-ever brick-and-mortar store in 2017. Allbirds now has 30 locations in their global footprint. With the company’s recent net losses, they are hoping the IPO will lead to major growth initiatives for the brand, with potential to open hundreds of locations.
“We have just scratched the surface of our store potential, particularly in the United States. We are in the early phase of a ramp towards hundreds of potential locations in the future, with strong unit economics. While our store channel already generates strong results on a standalone basis, the real power of our vertical retail strategy is the synergy between the physical and digital sides of our business. This synergy takes the form of increased brand awareness and website traffic in the regions where we open new stores, driving an overall lift in sales,” the company stated.Sustainability is one of the Allbirds’ key values as a brand. The carbon footprint of each product is displayed in its stores, which is a first for the footwear industry, and a hallmark of Allbirds’ approach to sustainability. Source: Allbirds CSA Photo Credit: Allbirds CSA