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Wool sneaker maker Allbirds has taken a look at its long-awaited earnings. initial public offering application It went public on Tuesday and revealed strong digital sales in 2020 despite an annual loss.
company that is Worth about $1.7 billion in 2020It brought in about $219 million in revenue last year, nearly 90 percent of which came from digital sales, according to the filing. But the company, which secretly filed for an IPO this summer, has lost money over the past two years and expects losses to continue.
Headquartered in San Francisco and founded in 2015, Allbirds is often compared to other venture-backed consumer companies like Warby Parker and Glossier, which have built cult followings around one or a handful of products sold online before expanding into physical retail. They are often cited as examples of a new type of retail model in the era of e-commerce.
More recently, Allbirds has moved beyond casual shoes and into performance running shoes and apparel.
The company has big ambitions despite its relatively small sales compared to the athletic apparel giants. We are confident that it will grow rapidly, with hundreds of new stores and appealing to a new generation of consumers who are concerned about climate change and are changing their purchasing habits accordingly.
Allbirds said in its filing that the carbon footprint of a pair of shoes is on average 30 percent less than the carbon footprint estimated for a standard sneaker, citing the use of renewable, natural materials and the manufacturing process.
It uses old-fashioned retailing tactics to fuel its growth. The company said it had “just scratched the surface of our store potential” with 27 locations as of June 30, although its stores were interrupted by the pandemic, and it has recently expanded into television advertising as well.
wool sneakers by Allbirds became a hit product After appearing on the feet of Silicon Valley’s leading names, including Google co-founder Larry Page and venture capitalists like Mary Meeker. The company was founded by Tim Brown, a former football player in New Zealand, and Joey Zwillinger, a former clean-tech entrepreneur. After Mr. Brown received a research grant New Zealand’s wool industry and launched a Kickstarter campaign to make wool shoes, the two of which were introduced by their wives who were roommates at Dartmouth College.
The company is a B Corp status approved by a non-profit organization called B Lab for companies committed to maintaining high social and environmental standards. Other leading B Corp companies include Ben & Jerry’s and Patagonia.
In the filing, Allbirds said it plans to complete the first “Sustainable Public Capital Supply”, or DPT, and that this is “an expression of our belief and commitment that our environmental credentials do not conflict with outstanding financial results.”
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