HEADING TO MARKET: Bagir Group, the Israel-based firm that designs and creates men’s and women’s formalwear for labels and retailers including Arcadia Group, Marks & Spencer and Brooks Brothers — alongside its own brands — is gearing up to float on London’s AIM market. The firm, which is incorporated in Israel and has offices in London and New York, released a Schedule 1 form to the London Stock Exchange detailing its intention to float its shares on the AIM market, the LSE division for smaller and growing companies. Bagir plans for its shares to be admitted to the market April 14.
According to a spokesman, Bagir plans to raise about $35 million with the IPO, and is targeting institutional investors in the U.K. The proceeds of the float will be used to repay debt and to provide working capital to support Bagir’s growth, the spokesman added.
The firm, which counts more than 1,000 employees, designs and sources men’s and women’s tailored clothing. Bagir has a 12.5 percent share of the U.K. men’s tailored clothing market and a 14 percent share of the men’s and women’s formalwear market in the U.K., the spokesman said. Its customers include Brooks Brothers, Jos. A. Bank and Cintas in the U.S., while it produces 40 percent of both M&S and Arcadia Group’s formalwear clothing in the U.K. Bagir’s own brands include the men’s labels Simon Carter and Peckham Rye.