J.Crew said it is exploring a potential initial public offering for its fasted growing brand Madewell, the company said in a release Thursday.
div > div.group > p:first-child"> J.Crew said it is exploring a potential initial public offering for its fastest growing brand Madewell, the company said in a release Thursday.J.Crew Group, Inc. today provided a strategic update, including the announcement of a review of strategic alternatives for the Company, as well as certain leadership and governance changes.
Separately, Michael J. Nicholson, President and Chief Operating Officer, has been named Interim Chief Executive Officer of J.Crew Group, Inc., effective immediately. Additionally, Jack Weingart, Co-Managing Partner of TPG Capital, has been appointed to the Company's Board of Directors, replacing Carrie Wheeler, who will be transitioning off the Board after eight years with the Company. Mr.
"On behalf of the Board, we would like to thank Libby, Lynda, Adam, and Mike for their leadership during this transition period, and we thank Carrie for her leadership and dedication to the Company on the Board of Directors," Mr. Leat continued."We wish Adam the best in his future endeavors, and we look forward to Mike's leadership during this important time for the Company and to Libby and Lynda's continued contributions.
"We believe a potential IPO of Madewell, which had another record year of performance in 2018, could unlock significant value and generate meaningful proceeds that would strengthen our balance sheet and increase our overall financial flexibility to address our 2021 debt maturities, giving us an improved platform to support J.Crew's turnaround and allowing Madewell to achieve its full potential over the long-term.
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