Simon Property-backed Rue Gilt becomes latest retailer to seek U.S. IPO

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Nov 12 (Businesshala) – Discount luxury retailer Rue Gilt Group Inc on Friday filed for an initial public offering in the United States, the latest e-commerce site going public to accelerate the transition to online shopping after the pandemic. Is.

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The Boston-based company, backed by billionaire Michael Rubin and a unit of top US mall owner Simon Property Group, said its main sites, Ruella and Gilt, offer more than 5,000 premium and luxury brands at prices up to 70% off the manufacturer’s suggested retail price. offer. Inc.

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Rue Gilt revealed that its net revenue jumped nearly 34% for the nine months ended October 2, while net losses narrowed to $12.6 million from $20.1 million.

The company said its primary competitors are Nordstrom Rack and Saks Off 5TH, both discount retailers with online and brick-and-mortar channels.

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According to a Wall Street Journal report last month, Sachs’ e-commerce arm is also preparing for an IPO and is targeting a valuation of $6 billion.

Medical scrub maker FIGS Inc., eyewear company Warby Parker Inc. and eco-friendly sneaker maker Allbirds have also gone public in the United States in recent months, with a strong start to a heated IPO market that has shown no signs of slowing down. .

Citigroup and BofA Securities are the principal underwriters for the Rue Gilt offering. The company expects to list its shares on the Nasdaq under the symbol “RGG”. (Reporting by Niket Nishant in Bengaluru; Editing by Devika Shyamnath)

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