Lulu's Fashion Lounge Holdings, which operates an online store for women's apparel and accessories, raised $92 million by offering 5.8 million shares at $16, the low end of the range of $16 to $19. New investor Principal Global had indicated on $15 million worth of shares in the offering (16% of the deal). At pricing, the company commands a fully diluted market value of $597 million.
Lulus states that it is a customer-driven, digitally-native fashion brand primarily serving Millennial and Gen Z women. The company engages consumers across the web, on social media and across its platform, through reviews, feedback, and one-on-one interactions with its Style Advisors, Fit Experts, and Bridal Concierge. As of October 3, 2021, Lulus had more than 7.5 million followers, up from 5.5 million followers as of September 27, 2020, across its social media platforms. During the twelve months ended October 3, 2021, the company served 2.5 million Active Customers.
Lulu's Fashion Lounge Holdings plans to list on the Nasdaq under the symbol LVLU. Goldman Sachs, BofA Securities, Jefferies, Baird, Cowen, KeyBanc Capital Markets, and Piper Sandler acted as joint bookrunners on the deal.
