Jewelry retailer Claire’s revives listing plans

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(Businesshala) -Claire Inc., a gold and accessories retailer backed by Goldman Sachs, filed for an initial public offering in the United States on Wednesday, more than four years after scrapping its listing plans.

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Established in the 1960s in Chicago, Claire’s sells necklaces, bracelets and accessories, including headphones and soft toys.

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Private equity giant Apollo Global Management Inc privately acquired Clare in 2007 after a deal worth more than $3 billion. Clare previously filed for an IPO in 2013, only to wind up listing plans in 2017.

The jewelry retailer is also backed by Elliot Management Corp., an affiliate of JPMorgan Chase & Co. and billionaire Paul Singer’s hedge fund.

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Claire’s net loss widened to $144.3 million in the second quarter this year, up from a loss of $37.8 million a year ago. Net sales nearly doubled to $355.7 million over the same period.

US retailers have seen a return to sales in recent months following the roll-out of COVID-19 vaccines and the easing of restrictions related to the pandemic. As people return to social events and occasions, the demand for jewellery, perfumes and accessories has also seen a rise.

Goldman Sachs, Citigroup and Morgan Stanley are the principal underwriters of the IPO.

Reporting by Niket Nishant in Bengaluru; Editing by Shounak Dasgupta

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