Lovesac aims to raise $46 million with IPO

STAMFORD, Conn. – Top 100 retailer and upholstery manufacturer Lovesac is looking to raise $46 million with an initial public offering of stock according to documents filed with the Securities & Exchange Commission.

Lovesac, which ranked number 67 of Furniture Today’s 2018 list of Top 100 U.S. Furniture Stores with estimated 2017 sales of $101.8 million, grew sales $19.5% last year. The company has 66 U.S. stores across 29 states, as well as locations in Sydney, Australia, and Jeddah, Saudi Arabia. It also has a strong e-commerce presence.

Plans call for a total of 76 stores by the end of this year.

Lovesac, founded in 1995, sells its patented, high-end upholstery including the original foam-filled “Sac,” as well as a modular sectional system called “Sactionals.”