Madewell, J Crew's fast-growing denim brand, plans to split from its struggling parent company and hit the public market
The company will be called Madewell Group and wants to list its stock on the New York Stock Exchange or Nasdaq, it said in a securities' filing late Friday. At this early stage, Madewell did not list an IPO price or say when it plans to go public. Its next step will be to meet with investors and gauge interest in a public offering through what's known as a"road show.
The brand's fate has increasingly diverged from J Crew, which has lost sales, closed stores and piled up $1.7 billion of debt. In November, J Crew's CEO stepped down less than two years into the job. J Crew appointed an interim CEO in April.Read More"While J.Crew continues to struggle, Madewell has emerged as the company's crown jewel, accounting for the majority of profits," said Raya Sokolyanska, senior analyst at Moody's.
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