It is analyzed that it is aimed at a situation in which interest in eco-friendly companies has increased as environmental, social, and governance (ESG) management has recently become an issue around the world.
On the 31st (local time), Reuters and others reported that Allbirds submitted documents for an initial public offering (IPO) with the US Securities and Exchange Commission (SEC).
The listing managers are Morgan Stanley, JP Morgan, and Bank of America (BOA).
Allbirds was valued at $1.7 billion (about 2 trillion won) when it attracted investment last year.
Allbirds is an eco-friendly fashion brand that makes all shoes with natural materials such as wool and eucalyptus, rather than yarn.
The sole is made of sugar cane instead of rubber, and the shoelace uses yarn from plastic bottles.
As of last June, it was operating 27 stores including New York, Shanghai, and Berlin, and in April, it opened a flagship store in Garosu-gil, Korea.
It also partnered with Adidas to diversify its products.
Allbirds products are well received by celebrities who value the environment.
Famous Hollywood actors such as Leonardo DiCaprio and former U.S. President Barack Obama are wearing them to promote themselves.
DiCaprio is also said to have invested in a stake in the Allbirds.
Although Allbirds has only 23 global stores, it is growing rapidly thanks to online sales.
According to a securities declaration submitted by Allbirds, last year, Allbirds’ online channel sales accounted for 89% of its total sales.
Thanks to consumers who prefer eco-friendly products, Allbirds’ sales in the first half of this year increased 27% year-on-year to $118 million (about 136.5 billion won).
As more and more consumers are looking for ‘sustainable products’, not only Allbirds but also various ESG companies are going public one after another.
The Oatley Group, which makes synthetic milk from oats instead of crude oil, went public on the Nasdaq in May.
The Oatley Group received great attention as investors Oprah Winfrey and rapper Jay-Z participated as investors. Impossible Foods, which manufactures plant-based burgers, is also pursuing an IPO.