By Arriana McLymore
NEW YORK, NY, April 28 (Reuters) – Guess-owner Authentic Brands Group plans to again attempt to go public through an IPO “soon,” Chief Executive Jamie Salter said at the Reuters Momentum AI event in New York on Tuesday.
Salter, who is also the founder and chairman of the group, said the company is ahead on its five-year goal of $100 billion in sales.
“If we pull off the deals that we’re currently working on, we’ll be over $50 billion (in sales) by the end of this year,” Salter said in an interview. “We told our board it would take us five years, but I think we will reach it much quicker than anticipated.”
• The group, which owns Dockers and Brooks Brothers, is expected to have about $38 billion in sales this year if there are no M&A transactions.
• Salter said that AI is helping the company’s business development team execute more deals more quickly than in previous years.
• Authentic Brands Group is now focusing its M&A strategy to include kids entertainment brands and hospitality.
• The company previously filed to go public twice. “Both times, we got bought out for way more than we were going public for,” Salter said.
• Salter did not provide details on exactly when the company plans to file an initial public offering with the U.S. Securities and Exchange Commission. He said he plans lead the company in a role other than CEO once that happens.
(Reporting by Arriana McLymore in New York; Additional reporting by Abigail Summerville in New York; Editing by Bill Berkrot)
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