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External Partners Alumni Search Submit Return to home Search Search About About Olin Home Why Olin Equity, Diversity & Inclusion Leadership & Strategy News & Media Events Contact Us Programs Programs Home Explore Our Programs BS in Business Administration MBAs Specialized Master's Doctoral Executive Education Dual Degrees Faculty & Research Faculty & Research Home Faculty Directory Research Research Centers Olin Brookings Commission Olin Award Student Resources Student Resources Home Career Services Center for Experiential Learning Entrepreneurship Academic Calendars Student Organizations For Current Students For Military Veterans Admissions Admissions Home Scholarships & Aid Attend Program Events Visit Olin Ask a Student Student Profiles Request Information Refer a Candidate External Partners Alumni Alum-led fabric and craft retailer JOANN goes public March 29, 2021 By WashU Olin Business School 2 minute read Wade Miquelon, MBA ’89 Home News Alum-led fabric and craft retailer JOANN goes public Shares of JOANN Inc. jumped nearly 5% on their first day of trading after the arts and crafts retailer&＃160;raised $130.8 million&＃160;in an initial public offering. The fabric and craft retailer is led by CEO Wade Miquelon, MBA &＃8217;89. The company is listed on NASDAQ under the symbol JOAN. It announced its intention to go public in a Securities and Exchange Commission filing on February 16. Although the company suffered from declining revenues before the pandemic, a rise in at-home crafting and sewing has prompted a 38% growth in sales since May 2020. Miquelon told&＃160;Forbes magazine&＃160;that the pandemic is not the only contributor to the spike in sales. He said the company has been able to play into &＃8220;solid trends&＃8221; of &＃8220;more do-it-yourself, a lot more personalization, and major movements on market exchanges like Etsy and Shopify&＃8221; that have been building over the past few years. He also mentioned JOANN&＃8217;s success in offering curbside pickup, supporting its online purchase options. According to Marketwatch,&＃160;the company announced IPO terms&＃160;on March 4, indicating its plan to offer 10.9 million shares at between $15 and $17 a share. Although JOANN&＃8217;s recent growth has been impressive, according to&＃160;Crain&＃8217;s Cleveland Business, the question for potential investors could be whether Joann can can successfully convert growth to net income, whether the market will keep growing, and whether the company will continue to drive down its debt. However, JOANN&＃8217;s transition into public offering is an opportunity for investors to gain a foothold in the craft and sewing market. Hopefully, consumers and investors alike will be able to capitalize on the recent rise in sales for JOANN, and enjoy reconnecting with at-home projects like sewing and crafting during this isolated time. The company had 855 retail locations as of January 30 and a database of more than 69 million customers. Pictured above: Wade Miquelon, MBA &＃8217;89. About the Author WashU Olin Business School Firmly established at the Gateway to the West, Olin Business School at Washington University in St. Louis stands as the gateway to something far grander in scale. The education we deliver prepares our students to thoughtfully make difficult decisions—the kind that can change the world. Contact Us For assistance in finding faculty experts, please contact Washington University Public Affairs. Monday&＃8211;Friday, 8:30 to 5 p.m. Sara Savat, Senior News Director, Business and Social [email protected] &＃160; Kurt Greenbaum,Communications [email protected] Twitter: WUSTLnews Share article Apply Now Visit Us Request Info One Brookings Drive, St. Louis, MO 63130-4899 [email protected] 314-935-7301 News & Media Events Faculty Directory WashU Center for Career Engagement Washington University home Olin Links Sitemap Privacy Policies Title IX Accessibility ©2024 Washington University in St. Louis