UK lifestyle clothing and accessories retailer, FatFace, revealed on Thursday that it intends to apply for the admission of its shares to the premium listing segment of the Official List of the Financial Conduct Authority and to trading on the Main Market for listed securities of the London Stock Exchange plc.
The company said it plans to commence with an initial public offering (IPO), which will comprise an offer of shares to institutional investors.
In addition, FatFace has named Darren Shapland, Deborah Baker and Maria Kyriacou as new independent non-executive directors to its board, effective 1 May 2014. Their combined retail and public company experience is expected to be invaluable to the board as the company continues its growth as a publicly listed company. Sir Stuart Rose is chairman of FatFace, while Anthony Thompson serves the company as chief executive officer and Helen Cowing is its chief financial officer.
FatFace was formed by Jules Leaver and Tim Slade in 1988, when they began selling t-shirts and sweatshirts from a VW Campervan in the French Alps to fund their outdoor lifestyle. The group opened its first UK store in 1992 and currently operates 208 retail stores across the UK and Ireland, which are located in market towns, shopping centres, travel hubs and holiday destinations, comprising approximately 321,300 sq ft of retail space. It also has wholesale and concession agreements with a select number of retail partners. The company also sells its range of high quality, casual and affordable clothing, footwear and accessories online.
The group’s active, outdoor- lifestyle products are designed and developed by FatFace’s UK based in-house design, buying, merchandising and sourcing teams. Third-party manufacturers produce FatFace’s products.
CEO Anthony Thompson stated: “FatFace is an authentic UK lifestyle brand with a genuine heritage and a proven multi-channel strategy. We have worked hard to maintain the brand’s unique identity and to develop a differentiated product, authentic and personal service, and a distinct store environment which is loved by our customers. Our brand integrity has been well received by customers and remains our priority.
Since 2010, we have delivered strong financial growth and we believe that we have created a firm foundation for continued expansion within the UK, as well as laying down some initial plans for a controlled trial to take the brand to the United States. I am very proud of everything our management team and crew have achieved. I am confident that our position as a public company will give us the platform to continue growing our customer offer and deliver products which are designed to be loved by all our customers for life outside 9-5.”
Sir Stuart Rose added: “FatFace has gone from strength to strength in recent years under the leadership of Anthony and his senior management team. The significant investment in product quality and the clear focus on full price like-for-like sales growth has led to the consistent delivery of impressive financial results and cash generation. The listing of FatFace on the London Stock Exchange marks an exciting stage in the Company’s continued growth and development.