Torrid Holdings

General Information

We are the category-leading brand, by net sales, in the $85 billion U.S. women’s plus-size apparel and intimates market, which serves 90 million plus-size women, defined as wearing sizes 10 and up. Torrid is the largest direct-to-consumer brand of women’s plus-size apparel and intimates in North America by net sales. We grew our net sales by 8% CAGR between 2017 and 2020, making us among the fastest growing direct-to-consumer brands in the plus-size apparel and intimates market. We served 3.2 million active customers and generated net sales of $974 million in 2020.

We design for a 25- to 40-year-old curvy woman, who leads a social and active lifestyle and wants to wear clothes that make her look and feel good. While 58% of our 2020 customers are under 40 years old and our average customer is a size 18, our products and style appeal to women of all ages and across the range of plus-sizes. Our target market is large, growing and underserved across both online and in-store channels. The average plus-size woman has historically struggled to find stylish products that fit well and 78% of plus-size women reported that they would spend more on clothing if they had more options available in their size.

We believe Torrid stands to benefit from thriving cultural movements involving female empowerment, body positivity and socially-influenced purchasing. Growing celebration of femininity, inclusivity and self-identity, along with the emergence of plus-size celebrities and influencers, inspires young curvy customers to demand more flattering and stylish clothing they are proud to wear. At the same time, younger generations are embracing social media platforms, including Instagram, which act as vehicles for community building and discovery. This seamless, constant exchange of community-based inspiration encourages consumers to purchase better-fitting and youthful clothing that allows for unapologetic self-expression. We believe these cultural shifts will continue to support the growth of the women’s plus-size apparel market.

We market directly to consumers via our e-Commerce platform and our physical footprint of 608 stores as of May 1, 2021. E-Commerce sales represented 42% and 48% of net sales in 2018 and 2019, respectively, having grown by 28% in 2018 and 28% in 2019. In 2020, e-Commerce sales represented 70% of net sales.

Our proprietary product offering delivers a superior fit for the curvy woman that makes her love the way she looks and feels. We offer our customer high quality products across a broad assortment that includes tops, denim, dresses, intimates, activewear, footwear and accessories. Our style is unapologetically youthful and sexy. We believe our customer values the appeal and versatility of our curated product assortment that helps her look good for any occasion, including weekend, casual, work and dressy, all at accessible price points. 

 (Note: Torrid Holdings upsized its IPO at pricing on June 30,2021, to 11 million shares, up from its upsized IPO of 10 million shares, and priced the stock at $21 – the top of its $18-to-$21 range – to raise $231 million. Torrid had raised ths size of its IPO to 10 million shares, up from its initial size at 8 million shares,in an S-1/A filing dated June 30, 2021 – early on the morning of its scheduled pricing date.)


Industry: Retail - Apparel & Accessory Stores
Employees: 7308
Founded: 2001
Contact Information
Address 18501 East San Jose Avenue City of Industry, California 91748
Phone Number (626) 667-1002
Web Address
View Prospectus: Torrid Holdings
Financial Information
Market Cap $2145.0mil
Revenues $974.0 mil (last 12 months)
Net Income $25.0 mil (last 12 months)
IPO Profile
Symbol CURV
Exchange NYSE
Shares (millions): 11.0
Price range $21.00 - $21.00
Est. $ Volume $231.0 mil
Manager / Joint Managers Morgan Stanley/ BofA Securities/ Goldman Sachs/ Jefferies/Baird/ Cowen and Company/ William Blair/ Telsey Advisory Group
CO-Managers -
Expected To Trade: 7/1/2021
Status: Priced
Quiet Period Expiration Date:
Lock-Up Period Expiration Date:
SCOOP Rating
Rating Change