Kate Hudson’s workout wear brand Fabletics is reportedly working with major banks to prepare for an initial public offering that could value the company at more than $5 billion.
The Wall Street Journal reported that Fabletics owner TechStyle Fashion Group is working with Morgan Stanley, Goldman Sachs Group, Barclays Plc and Bank of America Corp. on a future IPO and seeking to raise $500 million.
A company spokesperson told Women’s Wear Daily that the company does not comment on “rumors or speculation.”
Fabletics was launched in 2013 as an online store by co-founders Adam Goldenberg, Don Ressler and Hudson. The brand opened its first five brick-and-mortar stores in 2015 and since has partnered with celebrities Demi Lovato and Kevin Hart, who helped launch the company’s men’s line in April 2020.
The company operates on a membership model, and has 57 stores with 2 million-plus members, who pay a monthly fee that goes toward clothing purchases and access to a workout app. The brand also has a multiyear partnership with Hydrow, a rowing machine with connected features.
The company plans to open 70 stores this year. A location is set to open at the Walt Disney World Resort shopping area Disney Springs in Orlando in the fall.
