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Sustainable Sneaker Maker Allbirds Files For IPO

New Zealand-based sustainable shoe maker Allbirds on Tuesday filed for an initial public offering with the Securities and Exchange Commission. The company plans to list its shares on the New York Stock Exchange under the symbol BIRD.

The company was founded by co-CEOs Joseph Zwillinger and Timothy Brown in 2015. It designs and sells footwear and apparel. The company's first shoe was the Wool Runner, which is made from New Zealand superfine Merino wool. The company claims to keep the brand as eco-friendly as possible. In 2020, the company launched its first apparel line for men and women made of sustainable materials.

Since 2015, Allbirds has sold more than eight million pairs of shoes to over 4 million customers across the globe. This includes 3.3 million customers in the U.S. Net revenue grew from $126 million in 2018 to $219.3 million in 2020. For the six-month period ended June 30, revenue was $117.5 million.

However, the company has yet to swing to a profit. Allbirds' net loss totaled $14.5 million in 2019 and grew to $25.9 million in 2020, according to documents filed with the SEC. For the six-month period ended June 30, Allbirds reported a loss of $21.1 million.

Allbirds, which currently has 27 stores, revealed plans to expand its further in the brick and mortar store in the future. Allbirds said it is in the "early phase of a ramp towards hundreds of potential locations."

According to Allbirds, its customers are loyal, as repeat customers accounted for 53% of its sales last year, up from 46% in 2019. A repeat customer's average spending increased by over 25% in the second year, Allbirds said.

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