Source: Bloomberg / Getty
Allbirds is planning to go public, Hypebeast reports, with a target valuation of $2.2 billion USD.
The sustainable sneakers brand, founded in 2014 by Tim Brown and Joey Zwillinger, is best known for its minimalism and eco-friendly practices. But, seven years later, the company is leveling up.
“The label is said to be prepared to offer 19.2 million shares, valued between $12 USD and $14 USD each,” HypeBeast reports, adding “This news follows a major 2020 for the brand who after collaborating with adidas in a bid to ‘lower footwear’s carbon dioxide emissions,’ received $100 million USD in a round of Series E funding as it looked to diversify its products and open more physical retail locations.”
Remember that the simplistic sneakers are rocked by some of your favorite celebs, including Barack Obama, who may be the first person to pull of a ‘fit with them on. Back in February 2019, Obama sat courtside at a Duke Blue Devils to witness the college phenom that was Zion Williamson. And as most do courtside, he had to put together a nice outfit, which included the knit kicks with a personalized Rag & Bone bomber jacket with the number “44” embroidered on the sleeve.
The sustainable footwear has also gotten a node from the pop culture brand Market thanks to a 2020 collaborative collection of pieces created by artist Nicole McLaughlin with all proceeds going to charity.
Allbirds’ numbers have been pretty good even amid the pandemic, as the company made about $61 million dollars in the third quarter of 2021 compared to $47.2 the year prior.
We’ll be sure to keep you posted on any new information about Allbirds’ IPO. Stay tuned.
