It's official: Footasylum is ready to kick off its Aim IPO

 
Courtney Goldsmith
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Footasylum is ready to kick off its IPO (Source: Getty)

Branded footwear and apparel retailer Footasylum has launched plans to float on London's Alternative Investment Market (Aim) in November to grow its business and raise its profile.

The company, which operates a 60-strong store estate, plans to grow its high street stores to at least 150 and is targeting eight to 10 net new store openings per year in the medium term.

Footasylum's directors are also expecting to make "significant" investments over the next three years in increasing the firm's digital presence as part of a broader upgrade of its IT systems to support growth.

The premium retailer, which sells products aimed at "fashion-conscious" 16 to 24 year olds, recently launched a wholesale arm for distributing its own brand ranges.

Clare Nesbitt, chief executive of Footasylum, said she was "thrilled" to announce the intention to list and called the move a "logical next step" for Footasylum.

Nesbitt said:

We pride ourselves on being a dynamic, adaptive and fast-moving business with a strong competitive position, a great stable of third party and own brands, and a disciplined approach to delivering sustainable growth.

We see substantial opportunities ahead across our retail, online and wholesales channels, and believe that we have the people, products and strategy to realise them.

It expects the admission to occur over November.

Sky News reported earlier this month that the initial public offering (IPO) would value the chain at around £150m.

David Makin, one of the founders of JD Sports, launched Footasylum in 2005 and thee years later was joined by John Wardle, the other founder.

Wardle will retire from the role of executive chairman of Footasylum to be succeeded by Barry Brown, a former chief executive of JD Sports.

Footasylum stocks highly recognised and sought-after luxury sportswear brands including Adidas and Nike alongside its own-brand labels.

Its success over the past years has built up around the resilient athleisure trend.

Read more: JD Sports founders in for a payday as Footasylum prepares to float

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