Activewear brand Vuori Inc. is in discussions with investment banks about a potential initial public offering (IPO) around mid-2024, sources with knowledge of the matter revealed. Vuori aims to surpass its $4 billion valuation achieved during a 2021 funding round led by SoftBank Group Corp.’s Vision Fund 2. While no final decision has been made, Vuori may select advisers within the coming weeks.
Founded by Joe Kudla in the San Diego area, Vuori expanded to the East Coast, opening its inaugural New York store in 2022. The company has since established a global presence, with locations in countries such as the UK and China. In 2021, Vuori secured $400 million in funding from SoftBank Vision Fund 2, with participation from Norwest Venture Partners in 2019.
Post-pandemic, activewear remains a popular apparel category, with strong demand and expanding margins. Lululemon Athletica Inc., a major player in the activewear industry, experienced a 20% increase in stock value this year.