Vera Bradley files to become public company

FORT WAYNE - Vera Bradley, the Fort Wayne producer of colorful, quilted handbags, luggage and accessories, wants to become a publicly traded company.

Vera Bradley Inc., 2208 Production Road, filed Thursday with the Securities and Exchange Commission for a $175 million initial public offering. The company would list its shares on Nasdaq.

"Over our 28-year history, Vera Bradley has become a true lifestyle brand that appeals to a broad range of consumers," the company said in a nearly 130-page filing.

In May, Vera Bradley said it attracted a record-breaking 63,000 visitors to its spring outlet sale at Memorial Coliseum. Shoppers who registered for the sale indicated they came from 46 states, Germany, Australia and the Netherlands, the company said.

Vera Bradley had planned to shorten the outlet sale to three days but added a fourth day after customers protested. The 2009 outlet sale was five days.

Vera Bradley's net revenue has grown from $120.7 million in calendar year 2005 to $288.9 million in fiscal year 2010, "reflecting a compound annual growth rate of 23.9 percent," the filing said. In 2007, the company opened its first full-price store and as of May 1 had 28. The company said it has also experienced strong sales growth online. It opened a design office in New York this year.

"Frequent releases of new designs help keep the brand fresh and our customers continually engaged," the company's filing said. "Our recent growth reflects the expanding demographic appeal of our brand and product offerings."