XOXO MAKER SAYS IPO LIKELY THIS YEAR
LOS ANGELES — The company that makes XOXO said Thursday it will probably make a public offering this year.
“We are ripe and ready to go public,” Gregg Fiene, co-owner of Lola Inc., said Thursday. Lola is the manufacturer of XOXO.
Moving the company one step closer to an initial public offering, Fiene confirmed that he has gone through the audits and is interviewing underwriters, including Smith Barney, for an offering this year.
Over the past year, the junior/contemporary manufacturer has been poising itself for an IPO.
It opened a concept store in New York’s Greenwich Village and three outlet units — two in California and one in New Jersey — late last year and has signed licenses for swimwear, children’s wear, sunglasses, denim, watches, shoes, leather and suede outerwear, handbags and accessories.
There are also plans to open another concept store in New York in April and two more concept stores in Los Angeles by the end of the year.
The company, which posted a volume of $100 million in 1996 — well above Fiene’s projection of $60 million last March — has three labels: XOXO, a junior line; X and O, a logo-driven grouping, and Lola by XOXO, a contemporary label.