#Forever 21 owner Authentic Brands withdraws IPO plans

Apparel chain operator Authentic Brands on Wednesday withdrew its plans for an initial public offering in the United States, according to its filing with the securities regulator.

The company did not give a reason for shelving its listing. But in November, the owner of the Forever 21 brand agreed to sell a stake to private equity firms CVC Capital Partners and HPS Investment Partners in a deal that valued it at $12.7 billion including debt.

Authentic Brands owns over 30 brands including, Aeropostale, Van Heusen, and Bandolino with a retail portfolio which spans the luxury, specialty, department store, mid-tier, mass and e-commerce channels.

Earlier this week, the company bought a majority stake in former soccer player David Beckham’s brand-management company, DB Ventures LLC, according to media reports.

Last July, Authentic Brands had filed to go public, intending to list on the New York Stock Exchange, revealing a strong jump in earnings in 2020.