Authentic Brands Group targets IPO in first half of 2027

Authentic Brands Group, the US brand management group behind Reebok, Ted Baker and Champion, could seek to launch an initial public offering in the first half of 2027.

Chief Executive Matthew Maddox told Bloomberg that the company was prepared for a listing, further solidifying its 12-month timeframe outlined by founder Jamie Salter in May.

“The company is ready,” Maddox told the publication. “Our systems are in place. Our people are in place. Our story is crisp. We are ready to go.”

Licensing model supports 81% EBITDA margin

According to Maddox, Authentic generates about £1.32 billion in earnings before interest, taxes, depreciation and amortisation, on approximately £1.62 billion in revenue. The resulting EBITDA margin is about 81%, while international markets account for roughly 35% of revenue.

The group also collects royalties of around 6% to 7% on merchandise produced by its operating and licensing partners. As a result, it does not carry the inventory costs or manufacturing capital expenditure associated with a conventional brand owner.

Authentic’s organic growth is running at 7% to 8%, reaching 24% when acquisitions are counted. Over the past 18 months, Maddox said, the company had spent approximately £1.47 billion on deals, including acquiring a 51% majority stake in Italian brand Guess.

The company also holds intellectual property valued at about £7.35 billion, which Maddox wants to double over the next 24 months. Entertainment properties, including rights associated with pop star legend Elvis Presley, account for about 20% of revenue.

Authentic has also partnered with ‘The Diary of a CEO’ podcaster Steven Bartlett, with the group planning to apply its product licensing and live-events model to creators, which Maddox expects to drive growth over the next decade.

Acquisitions expand the portfolio

More than 50 brands make up Authentic’s portfolio, which produces £28 billion in annual system-wide retail sales. Champion, Hunter, Dockers and Guess are among its recent additions.

Guess, which generates £4.5 billion in global retail sales, is now Authentic’s second-largest brand.

The group subsequently agreed to acquire Lee Jeans from Kontoor Brands in a deal worth up to £735 million. Lee’s annual retail-equivalent sales total £1.125 billion across 73 countries, and the brand is expected to move to a licensing model under Authentic’s ownership.

Meanwhile, Ted Baker, which Authentic Brands Group acquired in 2022, returned to physical retail with a new shop-in-shop boutique at Selfridges Manchester Trafford Centre in May, marking a key moment in the brand's revival. The opening formed part of Authentic's plans to align the brand with its wider retail strategy of reviving heritage brands through partnership-driven models.

Leadership change preceded IPO plans

The latest IPO timetable announcement follows a leadership change announced in May. Salter moved from CEO to Executive Chairman, retaining responsibility for strategic growth and acquisitions, while Maddox assumed control of day-to-day operations.

Maddox joined Authentic as President in 2025 after spending 20 years at Wynn Resorts, including four as CEO. Salter said in May that Authentic had twice come close to going public before private equity firms acquired the company at higher valuations.