By The Canadian Press

Aritzia IPO planned by founder Brian Hill, financial backer Berkshire Partners

Aug 18, 2016 | 8:22 AM

VANCOUVER — Fashion retailer Aritzia is planning to go public and list its shares on a Canadian stock exchange.

The Vancouver-based company designs clothing and accessories for women and has a network of 75 stores and an e-commerce business, aritzia.com

Aritzia is co-owned by founder and chief executive Brian Hill and Boston-based investment firm Berkshire Partners — which has a majority interest. They plan to continue to control the company through multiple-vote shares.

The current owners plan to sell an undetermined number of shares at a price to be set later in the initial public offering process. The company will not receive any of the proceeds.

The Hill family opened its first store in Vancouver in 1984.

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Aritzia’s filing says it aims to grow annual revenue to between $1.1 billion and $1.2 billion by the end of its 2021 financial year — more than double the $542.4 million in its 2016 financial year.

It’s aiming for between $115 million and $130 million of adjusted earnings by the end of its 2021 financial year, up from $32.4 million of net income and $40.6 million of adjusted earnings in its 2016 financial year.

The Canadian Press