Claire’s Files for IPO as it Expands Presence Outside of Malls

Claire’s has filed for an IPO that would value the company at $100 million. In its filing, the retailer noted that it achieved total net sales growth of 93.1% compared to the same period in 2020 and 3.4% compared to the same period in 2019, showing significant growth since its exited from bankruptcy in 2018.

Claire’s is already working to build on this momentum through the launch of its Cdrop subscription box service in September 2021. The themed quarterly drops are aimed at “fostering self-expression” among its core Gen Z demographic with a variety of curated jewelry and accessories in each one.

However, the brand has yet to return to profitability despite its growth. Claire’s reported a net loss of $144.3 million in Q2 2021 on revenue of $356 million. The retailer is seeking to complete its turnaround by zeroing in on its appeal to Gen Z consumers, among whom the brand is already well-known. Claire’s has between 82% and 99% brand awareness among girls aged 13 to 17, women 18 and over and mothers with children aged 3 to 12.

Claire’s also will lean on its loyalty program to fuel growth. As of July 2021, the retailer had 6.5 million members worldwide, and U.S. members accounted for half its sales in the country in the first half of fiscal 2021.


The company is aware of the precarious position of many mall-based retailers, and the filing noted the ways it is expanding its presence into other locations. Claire’s is aiming for 35 net new standalone store locations and 180 net new store-in-store locations in fiscal 2021 through partnerships with 25 retailers globally, including Walmart and CVS.

Current owners Elliott Management and Monarch Alternative Capital will retain control over Claire’s following the IPO.

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