J. Jill is looking to go public despite an array of other speciality retailers being ground down by dwindling sales and financial troubles.
In an IPO filed with the U.S. Securities and Exchange Commission, the women’s apparel and accessories chain defined itself as an “emerging growth company” and said it intends to sell shares of its common stock, currently held by private equity firm TowerBrook Capital Partners LP.
Meanwhile TowerBrook will continue to own more than 50 percent of J. Jill’s shares, leaving the brand essentially in control of the firm.
Those plans include an increase of direct sales from a current rate of 42 percent to at least 50 percent “over the next few years,” the addition of at least 100 store locations in lifestyle centers and premium malls and the broadening of certain product categories, like petites and accessories as well as subbrands, Pure Jill and Wearever.
J. Jill currently operates 275 stores and a new store model targets net sales of $1 million per store, but the company also said it intends to “selectively close” underperforming stores every year.
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Between 2012 and 2015, J. Jill said net sales grew to $562 million from $432 million and for the year ended Oct. 29, net sales again grew to $617 million.
Net income has also grown to $23.5 million for the year ended Oct. 29 from a net loss of $3.6 million in 2012. TowerBrook in 2015 acquired the brand from Arcapita, which picked up the brand in 2011.
The company chalked up much of its financial success to efforts by J. Jill president and chief executive officer Paula Bennett, who joined the company in 2008 from Eileen Fisher, and said it’s now on a foundation for “long-term sustainable growth.”