The French e-commerce Spartoo said that the French financial market regulator AMF has approved its registration document in view of a possible initial public offering (IPO) on the Paris stock exchange.
Boris Saragaglia, Spartoo’s co-founder, chairman and CEO said “we are convinced that a stock market listing will enable us to accelerate our sustainable growth strategy.” Spartoo specializes in footwear, clothing and accessories. In 2020, it sold more than 3 million pairs of shoes and its website had 14 million unique visitors a month.
The IPO project “is fully aligned with our intention to strengthen our fashion offering, including footwear, the core segment on which we have established our leadership, while expanding our offering into new segments, such as home decoration. It is also an opportunity to raise the Spartoo’s brand awareness in order to capitalize on the current strong momentum in e-commerce and on demand to digitalize physical shops,” Saragaglia added.
Spartoo is based in the French town of Grenoble, but is active in over 30 countries. Between 2008 and 2020, gross merchandise value (GMV) rose by a compound annual average of 23 percent to reach €194 million last year, of which 39 percent were achieved abroad. In 2020, consolidated pro forma revenues totalled €134 million. The company has generated a positive Ebitda since 2014.
About 91 percent of Spartoo’s GMV are achieved through its B2C business and the remaining 9 percent stems from third parties using its online service.
The company claims to offer 8,000 brands and 700,000 models. It has more than 16 proprietary brands, 10 of which were created in-house and the rest obtained through acquisitions such as the French shoe company JB Martin bought last year and GBB, a French brand which makes shoes for children, purchased in 2017.
Spartoo operates six stores in France under its name and three shop-in-shops within Le Printemps department stores in Brest, Tours and Metz. The locations sell footwear, but also offer the company’s whole product range thanks to a digital interface.