Fabletics, the workout-apparel brand backed by the American actress Kate Hudson, is reportedly working with banks to prepare for an initial public offering (IPO) that should raise about $500 million and value the business at more than $5 billion. The Wall Street Journal reported that the company, owned by TechStyle Fashion Group, has hired Morgan Stanley, Goldman Sachs, Barclays and Bank of America for an IPO. Hudson co-founded Fabletics in 2013 with Adam Goldenberg and Don Ressler. The company operates on a membership model, with members paying a monthly fee that goes toward clothing purchases. Membership also gives access to a workout app. Operating in the U.S., Canada and most of Europe, Fabletics has 57 brick-and-mortar stores and more than 2 million members. It announced plans for 24 more physical stores to be opened this year.

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