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Online shoe and apparel retailer JustFab has started talking to investors about raising new funding to the tune of $50 million to $100 million, according to a person familiar with the talks.
The company has hired Morgan Stanley to help run the process, this person said.
JustFab has already raised more than $150 million in venture capital. It is best known for its subscription service in which members get a new pair of shoes delivered to their doors every 30 days for $39.95 a month. While the service has some critics, CEO Adam Goldenberg said in an interview late last year that it had amassed 1.5 million active subscribers and hoped to reach three million this year.
The company also sells handbags and denim, as well as athletic wear and a kids’ line of clothing. Last year it acquired competitor ShoeDazzle and continues to operate that brand. It also opened up a retail store in Los Angeles in the fall.
Goldenberg said in that interview that the company expected to generate around $400 million in revenue in 2014 and become profitable.
Those numbers have the company believing that it could realistically go public in the next two years. The company has also viewed the recent IPO of women’s and kids’ clothing site Zulily as proof that the public investment markets can be receptive to an e-commerce offering. While Zulily’s stock has been hammered in the wake of an unexpected Q1 earnings miss, its market cap has increased more than $1.7 billion since its November IPO.
Should JustFab pursue an IPO, Morgan Stanley’s current work with the company could give it a leg up in working on the public offering.
Spokeswomen for JustFab and Morgan Stanley declined to comment.
This article originally appeared on Recode.net.
