Cole Haan is readying for an initial public offering following a year of double-digit growth.
The move comes after a strong showing over the past fiscal year, which ended in June. An unidentified source told Bloomberg the privately-owned footwear brand has grown by 14 percent to $687 million since 2018.
According to an emailed statement obtained by the outlet, the company’s chief executive officer, Jack Boys, has confirmed the legacy footwear brand’s intent to go public, though additional details are scant.
“Our management team is confident in the opportunities we have created for the Cole Haan brand and our business globally,” he said. “Based on the momentum we have generated in the business and the opportunities we believe are before Cole Haan, we have determined that now is the time to prepare for an initial public offering of the company’s shares.”
A representative for the brand echoed Boys’ statement while declining to comment on specifics, telling Sourcing Journal, “We can confirm that, consistent with press reports, we have begun to prepare for an IPO.”
According to data from Moody’s, Cole Haan has been on an upward trajectory ever since it was bought by private equity firm Apax Partners from Nike for $570 million in 2013.
It was after the brand’s break with Nike that Cole Haan, known for business casual basics for men and women, began shifting toward a sportier, athleisure-inspired aesthetic.
Boys, a veteran of Nike-owned stalwart Converse, took the helm at the time of the brand’s sale and championed the creation of the massively successful ZeroGrand line, which blended sporty elements like sleek athletic midsoles with traditional leather dress uppers. The ZeroGrand derby and oxford lace-ups, released with white, sneaker-reminiscent soles and brightly-colored laces, quickly became staples for professionals looking to challenge the status quo.
Cole Haan has continued to court brand loyalists and younger consumers alike with these advancements in comfort and versatility. In June, the brand released its first gender neutral sneaker, called the Generation ZeroGrand. In a handful of bright and neutral color ways, the sneaker’s woven knit upper is punctuated by the brand’s signature brogue detailing across the vamp. According to a statement released by Cole Haan, “the Generation ZeroGrand is a dress shoe, a sneaker and a casual shoe all at once.”
Earlier this month, the brand released the Grand Ambition line, its most comfort-conscious women’s footwear collection to date. The University of Massachusetts Amherst’s Biomechanics Laboratory worked with the brand to craft the “GrandFoam” anatomically molded footbeds found throughout the range of sneakers, pumps, booties and other business-casual offerings.