White & Case Advises Bank Syndicate on Showroomprivé.com Initial Public Offering
Global law firm White & Case LLP has advised a syndicate of banks led by Goldman Sachs and Deutsche Bank on the initial public offering of Showroomprivé.com on the regulated market of Euronext Paris.
The prospectus received the visa from the French financial market authority (Autorité des marchés financiers) on October 16, 2015 and the first listing is scheduled for November 3, 2015. The offering includes €176 million of existing shares sold by the current shareholders, including group co-founders David Dayan and Thierry Petit and Accel Partners (which may be increased to €210 million after full exercise of the over-allotment option), and €50 million of new shares. The global offering includes a retail offering in France and an international private placement.
On the occasion of the IPO, Vipshop, the leading online discount retailer for brands in China, which is listed on the New York Stock Exchange, will take a €30 million stake in the capital of Showroomprivé.
Showroomprivé is an innovative and rapidly growing online fashion retailer. Created in 2006, the group operates in France, its principal market, and in seven other European countries. By the end of 2014, it had 20.2 million members and employed more than 700 people. During the financial year ended December 31, 2014, Showroomprivé generated consolidated revenues of €349.8 million and an EBITDA of €15.5 million.
The White & Case team in Paris which advised on the transaction was led by partners Thomas Le Vert and Philippe Herbelin, with support from associates Tatiana Uskova and François Carrey. Partner Colin Chang and counsel Max Turner, with support from associate Jordan Zaluski, advised on matters of US law. Counsel Clara Hainsdorf advised on intellectual property and information technology. Partner Alexandre Ippolito, with support from associate Marcus Schmidbauer, advised on tax.
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