It was only a matter of time. Bloomberg is reporting that J.Crew has begun talking with banks in preparation for a possible IPO later this year. Word of a potential IPO has been going around for months now, but this is the first time that the retailer seems to be making direct steps towards it.
According to Bloomberg‘s source, the retailer is looking at a valuation of up to $5 billion. When TPG and Leonard Green bought J.Crew in Nov. 2010, they did so for $2.65 billion.
A spokesperson for J.Crew did not immediately respond to a request for comment.
Under the direction of CEO and Chairman Mickey Drexler and President and Executive Creative Director Jenna Lyons, J.Crew has come to be known a poster child for creative and financial reinvention. It posted $2.4 billion in sales in 2013, up 9 percent from the year prior. Holiday growth was slower but nonetheless better than the national average.