Torrid Holdings, a plus-size women's fashion retailer spun out of Hot Topic, filed on Monday with the SEC to raise up to $100 million in an initial public offering. The company previously filed to go public in 2017 before withdrawing in 2019.
Torrid is the largest direct-to-consumer brand of women's plus-size apparel and intimates in North America by net sales. The company offers a broad assortment of products including tops, denim, dresses, intimates, activewear, footwear, and accessories. Torrid claims that the US women's plus-sized apparel market serves 90 million plus-size women, defined as wearing sized 10 and up. The company markets directly to consumers via its physical footprint of 608 stores and its e-commerce platform, which represented a majority of net sales in the 12 months ended May 1, 2021.
The City of Industry, CA-based company was founded in 2001 and booked $1.1 billion in sales for the 12 months ended May 1, 2021. It plans to list on the NYSE under the symbol CURV. Morgan Stanley, BofA Securities, Goldman Sachs, Jefferies, Baird, Cowen, and William Blair are the joint bookrunners on the deal. No pricing terms were disclosed.
