LONDON — In a year that’s set to be lackluster for initial public offerings here, British high-street brand Joules is taking a leap and planning to list on the smaller AIM division of the London Stock Exchange.
Joules, a premium lifestyle brand known for its weekendwear for men, women and children in bright colors and prints, said Tuesday it would seek an IPO in the second quarter of this year. In addition to clothing, the brand offers accessories, footwear and homeware.
According to a statement, group revenues increased 50.2 percent to 116.4 million pounds, or $178.1 million, in the two years to 2015, driven primarily by new stores, the continued expansion of e-commerce, and increased sales within existing wholesale accounts, such as John Lewis and Next Label.
The company was founded in 1989 by Tom Joule, who started selling his colorful clothing from market stalls at countryside events. His title is chief brand officer.
Joules has 98 stores in the U.K., in addition to e-commerce, wholesale and licensing. It also has a fast-growing presence in North America and Germany.
The company said the money raised from the float will be channeled into the continued U.K. store rollout; international expansion in existing markets, and new product categories.
Colin Porter, the company’s chief executive officer, said that since Joules’ foundation it has enjoyed “strong, consistent growth” as a family lifestyle brand.
“We have a clear strategy to develop the brand further and we see real potential for continued growth across channels both in our core U.K. market and internationally.”