Shoemaker Cole Haan makes U.S. IPO filing public

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By Bharath ManjeshR and Nivedita Balu

Feb 14 Reuters - Apax Partners-owned shoemaker Cole Haan Inc, formerly a part of Nike Inc , on Friday made its U.S. listing application public, after confidentially it with the regulators in October (graphic).

The company said it would not receive any proceeds from the offering as all the shares will come from selling stockholders.

Cole Haan intends to list its shares on the Nasdaq under the symbol "CLHN".

The company posted revenue of $686.6 million for the year ended June 1, 2019, up 14.1% from a year earlier, and reported a 43.4% rise in profit to $33.1 million.

"Cole Haan has staged a significant turnaround over the past several years, and has become a rare growth story among private equity-owned apparel and footwear retailers," said Moody's Vice President Raya Sokolyanska.

"Its pivot towards casual and athletic styles enabled it to attract a younger consumer and benefit from the casualization trend."

Nike sold its Cole Haan handbag and shoe brand to private equity firm Apax Partners in 2012 for $570 million, nearly 24 years after acquiring it (graphic).

Among potential risk factors that could weigh on its business, Cole Haan warned the coronavirus outbreak could impact its sourcing and manufacturing operations.

BofA Securities, Morgan Stanley, J.P.Morgan and Goldman Sachs are the lead underwriters to the IPO.

This article appears in: Stocks , World Markets , 401k , IPOs , Retirement
Referenced Symbols: CSPR ,

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