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Simon Property-backed Rue Gilt becomes latest retailer to seek U.S. IPO – Reuters

(Reuters) – Discount luxury retailer Rue Gilt Groupe Inc on Friday filed for an initial public offering in the United States, the latest e-commerce site looking to go public after the pandemic accelerated the shift to online shopping.

Its main sites, RueLaLa and Gilt, offer over 5,000 premium and luxury brands at prices up to 70% off the manufacturer’s suggested retail price, said the Boston-based company backed by billionaire Michael Rubin and a unit of top U.S. mall owner Simon Property Group Inc.

Rue Gilt disclosed its net revenue jumped nearly 34% for the nine months ended Oct. 2 while net losses narrowed to $12.6 million from $20.1 million.

The company said its primary competitors are Nordstrom Rack and Saks OFF 5TH, both discount retailers with online and brick-and-mortar channels.

Saks’ e-commerce unit is also preparing for an IPO and targeting a $6 billion valuation, according to a report from the Wall Street Journal last month.

Medical scrubs maker FIGS Inc, eyewear company Warby Parker Inc and eco-friendly sneaker maker Allbirds have also gone public in the United States in recent months, with strong debuts in a heated IPO market that has shown no signs of slowing down.

Citigroup and BofA Securities are the lead underwriters for Rue Gilt’s offering. The company expects to list its shares on Nasdaq under the symbol “RGG”.

Reporting by Niket Nishant in Bengaluru; Editing by Devika Syamnath