- Sector(s): Consumer Cyclical
- Industry: Apparel Retail
- Full Time Employees: 2,047
- Headquartered in City of Industry, California
- http://www.torrid.com
The company sold 11 million shares priced at $21 each, the high end of a proposed range of $18 to $21, after upsizing the deal from an earlier plan to offer 8 million shares. The company raised $231 million at a valuation of $2.3 billion, based on 110 million shares expected to be outstanding after the deal closes.
Torrid also has a rewards program that allows it to collect data to better serve and target its customers. In 2020, 95% of net sales were attributable to loyalty members.
Torrid is going public as the body-positive movement creates a tailwind for more inclusive fashions and marketing
Torrid’s target market are women between the ages of 25 and 40. More than half (58%) of Torrid’s customers in 2020 were younger than 40 and the average size worn was 18. The company also says the ethnic composition of its customers is in line with the U.S. population.
Data furnished by Torrid puts the U.S. women’s plus-size apparel and intimates market at $85 billion. This includes 90 million plus-size women wearing sizes 10 and up. Data from market intelligence platform Edited forecasts that this category will grow to $697 billion by 2027.
