SoftBank-backed Lululemon rival Vuori said to plan IPO next year

Activewear brand Vuori Inc. is talking to investment banks about an initial public offering as soon as the middle of 2024, according to people with knowledge of the matter.

The apparel company would seek in an IPO to top its $4 billion valuation in a 2021 funding round led by SoftBank Group Corp.’s Vision Fund 2, said the people, who asked not to be identified discussing private information. 

Vuori could pick its advisers within weeks, though it hasn’t made a final decision and its plans could change, the people said. A representative for SoftBank declined to comment. A spokesperson for Vuori didn’t immediately respond to requests for comment.

Founded by Joe Kudla in the San Diego area, the company expanded to the East Coast, opening its first New York store in 2022. It has since established an international presence with locations in countries including the UK and China.   

Vuori raised $400 million from SoftBank Vision Fund 2 in 2021 round, the company said at the time. Norwest Venture Partners also invested in Vuori in 2019.

Activewear continues to be a popular apparel category post-pandemic as fashion took a more casual turn. Lululemon Athletica Inc. stocks grew 20% this year on strong demand and expanding margin.