Duluth Holdings, which sells workwear and casual apparel through its website, catalog and retail stores, filed on Tuesday with the SEC to raise up to $115 million in an initial public offering.
The company primarily sells its clothing through www.duluthtrading.com. Duluth claims that its company is differentiated through a humorous marketing strategy that features characters such as Giant Angry Beaver, Buck Naked Guy and Grab-Happy Grizzly.
In October 2014, workwear retailer Boot Barn Holdings (BOOT) went public and gained 9% on its first day; it now trades 15% above the offer price after falling 42% in the past three months. The last major retailer to go public, Ollie's Bargain Outlet Holdings (OLLI), popped 32% on the day of its July 2015 IPO, but now trades just 2% above the offer price.
The Belleville, WI-based company, which was founded in 1989 and booked $261 million in sales for the 12 months ended August 2, 2015, plans to list on the Nasdaq under the symbol DLTH. Duluth Holdings filed confidentially on August 7, 2015. William Blair, Baird, Raymond James and BMO Capital Markets are the joint bookrunners on the deal. No pricing terms were disclosed.
