Tilly’s Inc. — the West Coast specialty chain — is looking to raise $100 million by selling shares to the public, according to a filing with the Securities and Exchange Commission.
The Irvine, Calif.-based chain was founded by chief strategy officer and chairman Hezy Shaked and Tilly Levine in 1982, but has been on a growth tear over the last seven years, expanding its store count nearly fourfold to 126 stores in 11 states. In its expansion, the chain has captured market share that would have likely gone to competitors such as Pacific Sunwear of California Inc.
The retailer carries national brands such as Billabong, Element, Hurley, Levi’s and Volcom and proprietary brands such as Full Tilt and Blue Crown.
Profits rose 17 percent to $24.4 million for the year ended Jan. 29, on a 17.6 percent gain in sales to $332.6 million and a 6.7 percent rise in comparable-store sales.
The firm’s stores average 7,800 square feet and are situated in malls, power centers, lifestyle centers, outlet centers and street locations. Tilly’s has spent about $20 million on its distribution center and information systems over the past five years, building an infrastructure that can support more than 500 stores.
Money from the offering will be used for working capital and general corporate purposes.
Tilly’s follows Francesca’s Collections, a 236-door apparel and accessories chain, which filed for an initial public offering in April. And Prada and Ferragamo pulled the trigger on their long-awaited IPOs in Hong Kong and Milan, respectively, last month.