Luxury skiwear maker Perfect Moment Ltd has applied for an initial public offer on New York's Nasdaq, continuing the worrying trend for the City of London of UK companies looking across the pond for a public listing.
The maker of luxury outdoor clothing filed for an initial public offering on Tuesday, but did not say how much cash it was looking to raise or what valuation it was expecting.
A funding target of US$15 million was reported on the Pitchbook website.
Revenue of US$23.44 million was reported for the year to March 2023, up from US$9.74 million over the past two years, though it has continued to make net losses, with US$10.31 million being the latest.
The IPO will be underwritten by ThinkEquity and Laidlaw & Co (UK), with the filings indicating that the proceeds will be used for general corporate purposes, working capital, sales and marketing and admin.
Although the company's registered headquarters is in London, co-founders Jane Gottschalk and Max Gottschalk, respectively creative director and chair of the board, are both based in Hong Kong, along with the company's production team, board, finance and marketing operations.
Chief executive Mark Buckley, who is also acting chief financial officer, joined from cycling fashion company Rapha Racing and before that worked at Burberry Group (LSE:BRBY) as director of financial planning analysis.
“Perfect Moment is a luxury lifestyle brand that combines fashion and technical performance for its ranges of skiwear, outerwear, swimwear and activewear. We create apparel and products that feature what we believe is an unmatched combination of fashion, form, function and fun for women, men and children,’ the company said in the filing.
The Perfect Moment brand was conceived in Chamonix, France in 1984 by professional skier and extreme sports filmmaker Thierry Donard, who in 2012 assigned the trademark to a joint venture company 50% owned by Max and Jane Gottschalk.
As the pair took their share up to 100% by 2018, they also expanded from skiwear and apre-ski clothing to swimwear and activewear.
In 2021, the company raised US$6 million via a bridging loan as it prepared for a Nasdaq IPO it was planning for later that year, and last year brought in new investment from actor Priyanka Chopra Jonas, the former Miss World and one of India's biggest celebrities, and her husband Nick Jonas.