UPA (Utanian Press Agency)
Release: Friday, July 27th, 301 AP.
Dare clothing company floats successfully
It has been five trading days now, since the Dare Clothing company launched itself onto
the stock exchange, and the prospects are looking good.
Dare Clothing Corp. (DAR; LSX) launched itself on the Luka Stock Exchange on Monday
with fifteen million Û1.00 shares that were mildly oversubscribed. The share price has
since risen to a high of Û1.22 and stabilised at Û1.08, a solid indication of the
company's future growth potential.
Dare Clothing is _the_ brand name in the fashion stores around the east coast cities, a
retailing and manufacturing success with twenty-nine fashion stores nationwide. The
Dare label is now renowned for being the "in" thing amongst people aged 15-24. Sales
turnover was Û13.3 million last year, and the company has been growing at a steady
25% for the past six years.
Dare was started in 287 by Mary and Louisa Bell, and was originally the label for girl's
"fashionable" undergarments. An injection of venture capital in '93 allowed the women to
expand the business into all forms of clothing, and two years later the Û3.5 million
company was booming with three stores just opened and a line of clothing that was
selling like hotcakes.
CEO Amarea Pearlman is the first known female Utani CEO on the stock exchange, while
Mary and Louisa Bell as Marketing Managing Director and Store Managing Director
respectively are the first joint chairwomen for a listed company. Pearlmen cut her teeth
as an executive at several small fashion and clothing companies before taking the helm
at Dare in '96.
The float has been sweet for the venture capital company that invested seven years ago.
Though Fenmore Investments has since sold half its share back to the Bell-girls, it retains
what is now a Û5.4 million shareholding for an original investment of just Û450,000.
A return of 36.4% p.a. over eight years.
And while they are each buried in personal debt, the Bell-girls are each some Û3.8 million
in shareholding richer from the float. The float also brought an additional Û3.24 million
in additional cash to expand the business.
©UPA, 301 AP.
©Mike Ham, 2001. All rights reserved. No reproduction without, at least, tacit approval. ;-)