initial public offerings (IPOs) trading on American exchanges

Tuesday, August 31, 2021

Torrid (CURV) began trading on the NYSE on Thur 1 July 21

Torrid was purchased by private equity firm Sycamore Partners in 2013 as part of its acquisition of parent company Hot Topic for approximately $600 million.
In 2015, Torrid branched off from Hot Topic to become Torrid, LLC.
Torrid is the largest direct-to-consumer retailer of plus-sized women's clothing in the U.S.
  • Sector(s): Consumer Cyclical
  • Industry: Apparel Retail
  • Full Time Employees: 2,047
  • Headquartered in City of Industry, California

The company sold 11 million shares priced at $21 each, the high end of a proposed range of $18 to $21, after upsizing the deal from an earlier plan to offer 8 million shares. The company raised $231 million at a valuation of $2.3 billion, based on 110 million shares expected to be outstanding after the deal closes.

Torrid's Liz Muñoz started as a patternmaker. Now she's a CEO. 
Torrid’s Chief Executive Elizabeth Muñoz has served in the role since 2018. Chief Financial Officer George Wehlitz, Jr. has been in the position since January 2021, though he has led the company’s finance operations since 2013, when he became chief financial officer of legacy parent company Hot Topic.
There were 608 Torrid stores as of May 1, 2021, with e-commerce representing 48% of sales in 2019 and 70% of sales in 2020. Torrid stores had to shutter temporarily last year due to COVID-19.

Torrid also has a rewards program that allows it to collect data to better serve and target its customers. In 2020, 95% of net sales were attributable to loyalty members.

Torrid is going public as the body-positive movement creates a tailwind for more inclusive fashions and marketing

Torrid’s target market are women between the ages of 25 and 40. More than half (58%) of Torrid’s customers in 2020 were younger than 40 and the average size worn was 18. The company also says the ethnic composition of its customers is in line with the U.S. population.

Data furnished by Torrid puts the U.S. women’s plus-size apparel and intimates market at $85 billion. This includes 90 million plus-size women wearing sizes 10 and up. Data from market intelligence platform Edited forecasts that this category will grow to $697 billion by 2027.

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