Amer Sports, Inc. has filed a statement with the U.S. Securities and Exchange Commission for a proposed initial public offering (IPO).
The Finnish company, which owns the Salomon, Arc’teryx, Wilson, Peak Performance and Atomic brands, has applied to list on the New York Stock Exchange with the ticker “AS”. The details of the potential offering, including number of shared and price range per share, have not yet been shared.
According to a preliminary prospectus filed with the SEC, Amer’s revenue for the nine months ended Sept. 30 was $3.1 billion, up 29.9 percent compared to the same period in 2022. Gross margin increased from 49.4 percent to 52.2 percent. The company also shared preliminary results for 2023 which included revenue of $3.55 billion and a net loss of $252.7 million.
Salomon, in particular, had a standout year in 2023, bolstered by Rihanna’s Super Bowl performance in which she wore the MM6 Maison Margiela x Salomon Cross Low sneakers. According to StockX, Salomon was the fastest-growing sneaker brand on the marketplace in 2022, experiencing 2,277 percent trade growth in 2022 over 2021.
“Salomon Sportstyle footwear has become so culturally relevant that the MM6 Maison Margiela x Salomon Cross Low shoes have been worn by global superstars, including during the Super Bowl LVII halftime show, which was viewed by more than 115 million people globally,” read the prospectus document, which added that Salomon Sportstyle saw revenue of over $80 million in 2022, and over $165 million for the nine months that ended Sept. 30, 2023.
For the nine months ended Sept. 30, 2023, Salomon revenue was $949.3 million.
In the prospectus, Amer outlined a broader strategy to grow its brands, focused on “product innovation, geographic expansion, channel mix optimization and increased brand awareness.” In describing potential risk factors, the company highlighted potential competition from other brands, the inflationary environment and an uncertain wholesale environment, among other factors.
Amer’s IPO announcement marks the first major retail IPO reveal in 2024 after a relatively slow year of IPOs in 2023. Despite a challenging global economy and geopolitical landscape, the outlook for deal-making, IPOs, and corporate and investor activity is expected to improve in 2024, according to a recent note from Jim Esposito, Dan Dees and Ashok Varadhan, the co-heads of Goldman Sachs’ Global Banking & Markets business.
IPO activity, which started to pick up in recent months, should accelerate in the back half of 2024, especially if the Fed starts cutting rates next year, Dees said. He added that it’s not unusual for the IPO market to open and close. When financial markets are strong, public offerings tend to be robust, and vice versa.
Heading into 2024, Golden Goose, Shein and Skims are among the most anticipated retail and fashion IPOs to watch.