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In addition to vagina-scented candles and 18-karat gold dumbbells, Goop aficionados may soon be able to buy stock in the health and wellness retailer founded by Gwyneth Paltrow.

At least that’s the chatter going around Wall Street after a monied investor launched plans for a new blank-check company focused on investing in an “aspirational lifestyle” company.

Ravi Thakran, a private equity partner and executive of luxury conglomerate LVMH, filed paperwork Wednesday for a new blank-check company called Aspirational Consumer Lifestyle Corp., which is looking to raise $225 million to invest in “businesses with premium brands that offer an aspirational lifestyle experience to consumers.”

Such entities — formally known as a special acquisition vehicles or SPACs — have no business operations. They are created simply to raise money to buy an existing company that then takes over their stock listing.

Thakran’s SPAC could not be reached for comment about whether it has Paltrow’s health and wellness brand in its sights, but Wall Streeters say it makes sense.

“There aren’t a lot of private companies that fit the description here,” said one Wall Street banker who follows SPACs. “Goop fits, and it has a big enough profile to make SPAC investors happy.”

Adding to the intrigue, Thakran’s SPAC plans to raise $225 million, which sources note matches up with Goop’s valuation of $250 million from March.

“It’s definitely got to be on their radar,” said an investment banker. “It would be a solid business combination, and it would be very on-brand for Goop to do a SPAC while they are this hip.”

Paltrow founded Goop in 2008 as a weekly email newsletter providing new age health and advice that was often mocked, such as “eliminate white foods.” Despite on-going criticisms of Goop’s sometimes oddball offerings (including its recent $75 “This Smells Like My Vagina” candle), the actress has grown the company into a national name with more than 100 employees, Goop-branded retail stores, a line at make-up chain Sephora, and a Netflix series called “The Goop Lab.”

Sephora is owned by LVMH, where Thakran is group president of South Asia, South East Asia and Middle East.

It’s unclear if Paltrow would be willing to take Goop public through a SPAC, and her company declined to comment. But SPACs — a once backwater route to an IPO for no-name companies — are increasingly being used to create backdoor IPOs for household names like sport betting company DraftKings and electric car maker Nikola.

High-profile investors are also increasing getting in on the act, including billionaire Bill Ackman and former Goldman Sachs president turned former Trump White House advisor Gary Cohn.

Filed under finance ,  goop ,  gwyneth paltrow ,  ipo ,  mergers & acquisitions ,  9/16/20

News Source: New York Post

Tags: goop finance goop gwyneth paltrow ipo mergers acquisitions

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Stocks rose Thursday as Wall Street monitored lawmakers' efforts on crafting the fifth coronavirus aid package.

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The Dow Jones Industrial Average gained 86 points, or 0.31%, to 27,867, the S&P 500 was up 0.54% and the Nasdaq rose 1.14%.

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Treasury Secretary Steven Mnuchin said he and House Speaker Nancy Pelosi "made a lot of progress in a lot of areas" in talks they held Wednesday. Pelosi said Thursday she was skeptical they'd be able to reach a deal.

"This isn't half a loaf. What they're offering is the heel of the loaf," Pelosi told Bloomberg TV. "It's no use going into a negotiation just saying you'll take the path of least resistance."

Weekly jobless claims in the U.S. came in at 837,000, slightly lower than economists' forecasts. However, the number of Americans applying for first-time jobless benefits held steady for a fifth straight week, a sign that the summer rebound in the labor market spurred by the reopening of businesses could be starting to fade.

The official U.S. jobs report for September will be released Friday.

U.S. manufacturing in September expanded less than expected. The Institute for Supply Management's index of national factory activity fell to 55.4 in September from 56 in August.

American Airlines said it will begin furloughing 19,000 employees and United Airlines will lay off 13,000 workers after federal aid for the industry expired. The airlines said, however, said they would reverse the cuts if the U.S. government provided the funds the industry needs over the next few days.

Stocks rose Wednesday but in September posted their first monthly losses since March. They ended the third quarter higher. The Dow rose 7.6%, the S&P 500 gained 8.5%, and the Nasdaq surged 11% over the past three months.

PepsiCo reported stronger-than-expected third-quarter earnings and forecast solid full-year profit as pandemic snack sales continued to pace top-line growth.

PepsiCo is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells PEP? Learn more now.

This article was originally published by TheStreet.

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