Business

Aéropostale-Owner Authentic Brands Withdraws IPO Plans

Apparel chain operator Authentic Brands Group Inc has withdrawn its plans for an initial public offering in the United States, according to its filing with the securities regulator. The company, which did not give a reason for shelving its listing, had agreed in November to sell a stake to private equity firms CVC Capital Partners and HPS Investment Partners in a deal that valued it at US$ 12.7 billion including debt. The group owns more than 30 brands including Forever 21, Aeropostale, Van Heusen and Bandolino with a retail portfolio spanning across luxury, specialty, department store, mid-tier, mass and e-commerce segments. Media reports earlier this week said the company had bought a majority stake in former soccer player David Beckham's brand-management company, DB Ventures LLC. Authentic Brands in July last year had filed to go public, intending to list on the New York Stock Exchange, revealing a strong jump in earnings in 2020.