One of fashion’s favorite haunts is planning to join in summer’s IPO rush.
And in doing so, the Soho House’s parent company, Membership Collective Group Inc., has revealed a business that is chasing many of the same themes as fashion — following the lead of consumers , obsessing over design and looking to connect in the digital and the physical spheres.
In a letter to potential shareholders filed with the company’s IPO registration statement, Nick Jones, founder and chief executive officer, laid out the philosophy that has built the company over 26 years. The company has about 119,000 members, the majority of whom belong to Soho House, which has 30 properties globally. As of May 30, the company has a wait list with more than 59,000 applicants.
Jones said the program has “given us proof of concept for a digital membership, not tied to a physical space. Offering a new digital-only option will make our membership truly global and diverse, enabling the best creatives from all over the world to make meaningful connections with each other: from an established producer in Ghana to a 22-year-old scriptwriter in West Hollywood, or the founder of an emerging tech start-up in Jakarta to a digital designer in Beirut.
The company — like everyone else — is also thinking about the future of just where work will be done as vaccinations help to turn the tide on COVID-19.
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