Klarna‘s upcoming U.S. initial public offering could help unlock a pipeline of British fintech flotations after a barren period for new technology listings, investors, lawyers and an executive told Reuters.
Reuters
Stockholm-headquartered Klarna, best known for its buy-now pay-later products, publicly filed to float on the New York Stock Exchange earlier this month in its second attempt at listing on the public markets in four years.
It had looked to IPO in 2021, after shooting from a valuation of $5.5 billion to $45.6 billion in three funding rounds. But investors soured on tech companies as interest rates rose and economies stuttered, and the company was forced to cut its valuation to $6.7 billion in a 2022 fundraising.
Now it is back, and could be worth at least $15 billion in an IPO likely to be priced in the first half of April, one person with knowledge of the plans said.
“Any successful IPO of a high-profile business in the sector will be a catalyst for others to look again at an IPO as a strategic option for growth and/or liquidity,” said James Wootton, a partner at Linklaters, who advised money transfer company Wise on its 2021 listing in London.
At the peak of a post-pandemic fundraising boom in 2021, 101 fintech companies raised $296.86 billion via IPOs on global stock markets, according to data from PitchBook, compiled for Reuters. But between 2022 and 2024, just 86 firms raised $32.76 billion via IPOs.
Klarna’s plans have fuelled hopes of a resurgence.
“It’s quite clear that the market is looking to Klarna as a bellwether for future fintech IPOs, many of which are in a long pipeline,” said Tim Levene, chief executive of London-listed fintech investment fund Augmentum.
“We hope that Klarna is the first of many to list, which will prove a positive data point for the rest of the market.”
Challenger banks Monzo and Starling, as well as payments companies Zilch and Ebury, are among the fintech companies considering plans to list at some point in the future, sources close to the companies told Reuters.
Zilch, which offers a competing buy-now pay-later product to Klarna, is currently aiming to float in 2026, Philip Belamant, its chief executive, told Reuters.
“The Klarna IPO will be a significant moment for the fintech sector, and we’ll be watching closely,” he said, adding that a successful IPO could “set the stage for greater investor confidence in European fintechs going public”.
Ebury, a Spanish-founded payments company majority owned by Banco Santander, is gearing up for a London listing by June at the earliest, one person familiar with knowledge of its plans said. The company will likely seek a valuation of around 2 billion pounds ($2.6 billion), the person said, adding the timing would depend on market conditions.
Ebury did not respond to a request for comment. Santander declined to comment. It has said in the past that listing Ebury was one of many alternatives for the business.
Britain’s Revolut has previously signalled its intention to list publicly. A spokesperson for the challenger bank, Britain’s most highly-valued startup, declined to comment on specifics.
“Our focus is not on if or when we IPO, but on continuing to expand the business, building new products, and providing better and cheaper services to serve our growing global customer base,” the person said.
Zopa, which is headquartered in London, has no firm timeline for an IPO, a spokesperson said. “We continue to plan towards an eventual IPO, preferably in the UK and can be ready in a short time, however we will wait for the right macroeconomic and market conditions,” the spokesperson said.
To be sure, many have raised money and can wait, and conditions are volatile, forcing some European companies to put IPOs on hold.
“A lot of them (fintech companies) have the luxury of being able to choose their time,” said Patrick Evans, head of UK equity capital markets at Citi.
The choice of the U.S. venue by Klarna is also likely to intensify debate over where these fast-growing companies should list.
Monzo has discussed floating in Britain or the U.S. but has set no firm timeline or venue for an IPO, a person familiar with the company’s plans said.
The London Stock Exchange has been making overtures to fintech companies including Zilch, one person familiar with the matter said. Zilch has yet to choose a venue, the person said. The London Stock Exchange Group declined to comment.
Skims has opened the doors to its first-ever West Coast flagship store, in Los Angeles.
Skims opens first West Coast flagship store in Los Angeles. – Skims
Designed by the design studio Rafael de Cárdenas, Ltd., the 4,546-square-foot space is characterized by the intimate, body-focused aesthetic that defines Skims.
Notable features include the brand’s signature rounded-edge fixtures, custom tonal mannequins, and a seamless shopping layout. A 12-foot sculpture by Vanessa Beecroft welcomes visitors, while a sophisticated mix of Corian, ultrasuede, and carefully curated lighting complete the space.
The new flagship houses products for both women and men, including best-selling collections like Fits Everybody, Cotton, and Ultimate Bras. Customers will also have access to exclusive drops, such as the NikeSkims collection, and an LA-exclusive ‘Skims loves LA’ merchandise line.
“Opening a Skims store in Los Angeles is a full-circle moment. This city has been a huge part of my life, and having a space here where people can experience the brand in person makes it even more special”, said Kim Kardashian, co-founder & chief creative officer. “We’re just getting started, and I can’t wait for what’s ahead.”
The store opening follows the launch of multiple new locations across the U.S including its New York Fifth Avenue flagship, with even more locations planned for 2025. Other stores can be found in Georgetown, Aventura, Austin, Houston, and Atlanta.
“Los Angeles has always been an important market for Skims and the place we call home, so opening a flagship store here was the natural next step,” added Jens Grede, co-founder & CEO, Skims. “Seeing our standalone stores come to life has been incredible, and we’re excited to keep expanding, giving both new and loyal customers a space to fully experience Skims.”
To celebrate the launch, Skims is collaborating with Mel’s Drive-In to create Skims Drive-In, a reimagined dining experience running from April 2nd to April 6th. The historic diner will undergo a Skims-inspired transformation, featuring a custom photo booth, an exclusive menu, and signature design elements infused into Mel’s retro aesthetic.
Luxury fashion label Vivienne Westwood made its India debut with its first-ever fashion show celebrating the country’s rich textile heritage at the iconic Gateway of India in Mumbai.
Vivienne Westwood makes India debut with fashion show in Mumbai – Vivienne Westwood
The fashion show with a 166-feet-long runway featured a selection of spring/summer 2025 Vivienne Westwood looks and special archive pieces alongside a capsule collection crafted with the hand-woven fabrics from India.
The special capsule collection included fabrics like chanderi silks, khadi cotton, wool and silk sourced from across India by Khadi India and Aaranya from Madhya Pradesh.
The fashion event was attended by Royal families from across India, Bollywood personalities, designers, and industry influencers.
Commenting on the show, Andreas Kronthaler, creative director at Vivienne Westwood in a press release said, “India is such a vast country, so rich with history and culture and we are honoured to be showing here at the monumental Gateway of India. I loved getting to know the Khadi and Chanderi fabrics – there is a lightness, a crispiness, an opulence, and a feeling that there is something behind them- it is the culture of India.”
Carlo D’Amario CEO of Vivienne Westwood added, “We are honoured to present a show in India and to create a collection which celebrates India’s rich textile heritage and traditional hand-woven industries. At Vivienne Westwood we have long championed craftsmanship and heritage and have partnered for decades with local industries and artisans in the UK, as well as in Europe and Africa, and are now proud to partner with the artisanal hand-crafted textile industry of India for this show.”
The show was organised in partnership with the Department of Textiles, Government of Maharashtra and Vivz Fashion School.
Boux Avenue’s relationship with Liverpool One has been so positive, the lingerie brand is upgrading to a permanent new store at the major retail and leisure destination.
Boux Avenue
The new store is set to open on 17 April on the venue’s Lower South John Street.
Key ranges include signature lace and exclusively embroidered lingerie collections alongside style/comfort ranges for nightwear and swimwear.
With summer next on the agenda, Boux Avenue said it continues to also be the “one-stop destination for holiday essentials. And its bra-fitting service (spanning A-G cup sizes) advises on the best size and style for bust shape, can be either a walk-in or bookable service.
To celebrate the opening day afternoon, Boux Avenue will be offering a goody bag worth £24 for the first 50 shoppers who spend £40-plus, while the store will also be hiding Golden Tickets to win Boux Avenue gift cards worth up to £100. Early evening celebrations will include a live DJ set, drinks and free embroidery to personalise a purchase.
Further celebrations between 18-20 April will include the free embroidery service to personalise purchases.
The news comes after we heard that digital fashion brand Arne is moving into permanent physical retail territory for the first time and has chosen Liverpool One for its debut.
The mall has also enhanced its premium retail watch line-up with the arrival of Breitling making its city debut.
But it’s not all about openings as Harvey Nichols is also closing its long-established three-storey Beauty Bazaar store there.
Entertainment8 years ago