Fabletics is booming with its recent resale attempts, the growth of its store base and its IPO plans. The last on the list: Salon des Fabletiques.
“We are experiencing a major culture change with the pandemic,” Felix del Toro, senior vice president of Fabletics, responsible for merchandise and design, told WWD of the category’s expansion. “We have definitely started to see accelerated sales beyond our core performance. [during the last year]. And we learned early on that our customers want to be both comfortable and stylish.
“And the other element is that the hybrid job is not going to go away,” continued del Toro. “Many companies have already said that many people can work remotely indefinitely. So this is really the time to develop and understand that as culture and life evolves, in terms of her life in particular, how we can meet those needs.
The 17-piece Fabletics loungewear collection, which hits stores and fabletics.com on September 1, includes ribbed t-shirts, cotton terry shorts, fleece hoodies, leggings, sweatshirts, bathrobes and more in a variety of fabrics, with new pieces falling each month.
“We have sets; we have separate pieces, but all of them are designed so she can decide how she wants to put them together and / or layer them on top of her sportswear, ”said del Toro. “She may be right at home on a Zoom call, but if she needs to get up and run for a run, she’s also stylish and ready to go. The collection really develops that versatility for her.
The inaugural loungewear assortment will focus on women’s wear, but del Toro said a selection of men’s loungewear will arrive in the fourth quarter.
Loungewear sizes are comparable to sportswear, from XXS to 4XL, and are priced from $ 24.95 to $ 69.95 for Fabletics VIP members. (Non-members can still purchase products at retail, or about 30% more, said del Toro.)
The executive added that Fabletics is open to expansion into other categories in the future that complement the existing assortment.
“We really think there are a lot of avenues for us to grow beyond our current space,” said del Toro. “There’s our performance core and then there’s these other elements that help her build her wardrobe for her lifestyle. We see our wallet as active lifestyle clothes, which are truly a mirror of what our guest is into and how she wants to live her life. ”
Fabletics, which was founded in 2013, continues to grow. The brand, co-created by actress Kate Hudson, with Adam Goldenberg and Don Ressler, co-managing director officers of TechStyle Fashion Group (the same company that is also a co-owner of Rihanna’s Savage x Fenty lingerie brand), started out as a direct-to-consumer sportswear apparel and accessories business, operating on a model subscription.
Since then, Fabletics has grown to include around 60 physical stores (with plans to expand to 75 U.S. locations by year-end) in markets such as Massachusetts, North Carolina, Maryland, Virginia, Michigan and Iowa. , Kansas, Texas, Colorado, Arizona, Oregon and California. Earlier this year, the brand also launched Fabletics FIT, an app that offers on-demand meditation workouts and classes.
In March, Fabletics surpassed $ 500 million in annual revenue and is now courting investors who are considering going public. The company hopes to raise $ 500 million in an initial public offering, which would bring the company’s value to around $ 5 billion. In July, Fabletics hired Morgan Stanley, Goldman Sachs, Barclays and Bank of America to help.
Last month, Fabletics also got into the resale game through a partnership with ThredUp, allowing shoppers to return pre-worn clothing for store credit. Del Toro said consumers will also be allowed to return pre-worn loungewear through the program for credit.
“The upcoming opportunities for loungewear are huge,” Goldenberg said. “We have the best talent to take advantage of this growing trend, applying performance materials to a category that is not going anywhere. As experienced fashion disruptors, we are convinced that Fabletics Lounge will soon be a new category leader.