Aritzia has expanded rapidly since it crossed the border from Canada to the U.S. in 2007, and it looks like the vertically-integrated retailer is gearing up for another chapter of growth. Bloomberg and Reuters reported Wednesday evening that Aritzia has filed for an initial public offering on the Toronto Stock Exchange. According to the filing, the Vancouver-based company saw sales of $571 million CAD ($445 million USD) in the first five months of 2016 and a net profit after taxes of $38 million CAD (about $29 million USD).
A company spokesperson was unable to comment on the IPO.
CEO Brian Hill opened the first Aritzia boutique in 1984 and there are now more than 70 stores in Canada and the U.S. The retailer sells a combination of distinct lines, designed in-house, and independent brands, like Adidas and Frame. Prices are primarily in the $60-$200 range. It had only 18 stores in 2005, when Boston-based private equity firm Berkshire Partners LLC took a majority stake in the company to support its expansion, paying a reported $87 million USD. At the time, Aritzia predicted 2006 would bring over $100 million USD in sales, and sources estimated 2013's sales at almost $500 million USD.