Teen and preteen discount retailer Five Below on Thursday saw strong investor support in its first day of trading as a public company that sent its shares up as high as 73.1 percent from where it priced the night before.
The Philadelphia-based firm priced its shares at $17 each Wednesday night, which was at the top end of its pricing range. The shares opened at $26.10, and ended the trading session up 55.9 percent to close at $26.50 after rising as high as $29.43 in intraday trading.
The firm is the second teen-focused retailer to go public this year. Surf-and-skate chain Tilly’s Inc. had its initial public offering in May.
Five Below, which targets aspirational teens even though it sells its offerings at $5 or less, sold 9.6 million shares and raised $163.5 million. Five Below said Thursday it expects to receive $72 million after deducting underwriting commissions and offering costs. Part of the proceeds will be used to repay at least $50 million of outstanding debt under its new term loan facility, and the balance for general corporate purposes.
The company was founded by David Schlessinger and Tom Vellios in 2002. Schlessinger founded educational-focused toy chain Zany Brainy, while Vellios was that firm’s former chief executive officer.
There were 199 stores across 17 states as of April 28. The company posted $16 million in net income on $297 million in net sales for fiscal 2011.
“Azzedine has been one of the biggest influences in my life. He has always been such a strong, loving, fatherly figure to me. I call him Papa. His designs are indescribably unique, they are pieces of art. He knew how to make the female form look its loveliest. I have so many memories of him; my favorite might be during my first show with him in Paris. He liked me and he wanted to help me get more work. He called all his friends at Kenzo and Comme des Garcons, and asked them to book me. They said, ‘But she can’t walk!’ And he said, ‘but she has such a great ass!' His friendship and support has been the great privilege of my career. I can't imagine life without him. Repose en paix mon Papa.” - @stephanieseymour tells @wwd. #wwdfashion (📷: @steveeichner) #alaia #azzedinealaia
Azzedine Alaïa, flanked by two of his closest friends, models Stephanie Seymour and Naomi Campbell.
He designed Seymour’s dress for her 1995 wedding to Peter Brant, and treated Campbell (who famously called him Papa), like a daughter. For more on the legendary designer, tap the link in bio. #wwdfashion #alaia #azzedinealaia
Azzedine Alaïa's “I-did-it-my-way” ethos stood out starkly at a time when brands are experimenting with consumer-facing fashion shows, coed formats and trans-seasonal collections – anything to perk up lackluster sales of ready-to-wear in an age of Insta-everything. “It’s not creation anymore. This becomes a purely industrial approach,” the late designer told WWD in an interview last year. “But anyway, the rhythm of collections is so stupid. It’s unsustainable. There are too many collections.” Read more about the iconic designer’s life and work on wwd.com, link in bio. #wwdfashion #azzedinealaia (📷: @WWD Archive, 1986) #alaia
Sneaker reselling app @goat’s latest exhibit, "The Greatest: New York," tells the story of New York's sneaker culture. To celebrate the exhibit, an intimate crowd gathered on Thursday night at the pop-up gallery space, located at Platform in Culver City, to hear guest speaker and illustrator @esymai talk about her own rise in streetwear and women in the business. "For me I'm just someone who is creative. I like to create things," said Chang. #wwdfashion
Azzedine Alaïa, one of the most iconic couturiers of the modern era whose body-con designs defined Eighties fashion, has died in Paris. The diminutive Tunisian-born designer, known for his structured knitted dresses with fitted waists and impeccably cut, figure-hugging second skin silhouettes was deeply admired by his peers, and counted supermodel Naomi Campbell - his adoptive daughter - among his inner circle, one of a gang of glamazons including Farida Khelfa, Carla Bruni and Stephanie Seymour who became ambassadors of his style. (📷: Alexandre Guirkinger) #wwdblast