Here are 3 fashion-industry takeaways from Cole Haan’s IPO filing:
Share to twitterSeven years after Nike sold it to private equity firm Apax partners, Cole Haan is planning to goSeven years after Nike sold it to private equity firm Apax Partners, Cole Haan plans to go public as the 90-plus-year-old dress shoe label eyes a bigger share of the growing athleisure market.
A key part of Cole Haan’s growth strategy counts on pursuing “active” 24-to-44-year-olds in cities who “dress casually in the workplace,” the company said in the filing, adding that 50% of U.S. organizations allow employees to dress down every day in 2018. Cole Haan said it’s introduced categories that customers can wear from “work-to-workout-to-weekend,” a pitch that’s also touted by other companies including Lululemon.
Cole Haan’s fight won’t be easy. It’s competing in a crowded market where it has a tiny sliver of the pie. Nike, for instance, had a near 15% share of the $78.2 billion U.S. shoe market in 2019, up 0.6 percentage points from five years earlier, according to Euromonitor. Adidas, at No. 2, doubled its share to more than 5.3% while Skechers claimed the No. 3 slot, increasing its share to 3.7%.
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