据CNBC独家获悉，David's Bridal计划将其人工智能平台Pearl剥离为一家独立的上市公司，目标估值约为3.5亿美元。该公司预计交易将于2027年上半年完成。
David's Bridal is planning to spin off its artificial intelligence platform, Pearl, into a stand-alone publicly traded company targeting a valuation of roughly $350 million, CNBC learned exclusively. The company expects the deal to close in the first half of 2027.
David's Bridal于周四提交了一份无约束力的意向书，以分拆Pearl。这家以AI为核心的业务将拥有David's Bridal的知识产权，并致力于在其不断增长的AI模型基础上进一步构建，而原公司则将致力于加强其实体零售业务。
David's Bridal filed a nonbinding letter of intent on Thursday to separate out Pearl. The AI-centered business would own David's Bridal's intellectual property and look to build on its growing AI model, while the original company would try to strengthen its physical retail business.
David's Bridal首席执行官Kelly Cook在接受CNBC采访时表示：“我们在Pearl拥有一个快速增长、高利润率、当前即产生正向现金流的业务，现在上市将帮助我们吸引人才，并给予我们更多选择权，以推动我们认为拥有的增长。”交易完成后，Cook将出任Pearl首席执行官。
"We have a fast-growing, high-margin business generating positive cash flow right now in Pearl, and going public now will help us attract the talent and give us more optionality to fuel the growth that we believe that we have," David's Bridal CEO Kelly Cook, who will take over as CEO of Pearl after the deal closes, told CNBC in an interview. Cook said the companies will work hand in hand to serve customers throughout the wedding-planning process, adding that the split is "positioning both companies for strategic growth."
Cook表示，两家公司将通力合作，在婚礼筹备的全过程中为客户提供服务，并补充称，此次分拆是“为两家公司的战略增长定位”。Pearl的服务包括一个由智能体AI驱动的婚礼筹备平台、一个用于简化预约和沟通的专有工具，以及一个拥有原创节目的数字内容网络。它利用AI根据对每位客户的数据收集来个性化推荐建议。
Pearl's services include an agentic AI-powered wedding-planning platform, a proprietary tool to streamline appointments and communications and a digital content network with original programming. It uses AI to personalize its suggestions based on its data collection for each client. David's Bridal expects Pearl to generate an EBITDA margin of more than 30% this year and is projecting revenue growth of more than 100% in 2027, exceeding $85 million.
David's Bridal预计，Pearl今年将实现超过30%的EBITDA利润率，并预计2027年收入增长将超过100%，达到8500万美元以上。据公司称，交易完成后Pearl预计将无债务，且未来两年将拥有正向自由现金流。
It's expected to be debt-free after the deal closes and have positive free cash flow over the next two years, according to the company. "Pearl has earned the right to stand on its own because it's created more value than we've expected," Cook said.
Cook表示：“Pearl赢得了独立发展的资格，因为它创造的价值超出了我们的预期。”
Following the transaction, Pearl will own David's Bridal's intellectual property and license it back to the chain.
交易完成后，Pearl将拥有David's Bridal的知识产权，并将其许可回给该连锁店。Cook表示：“这是一个非常健康的商业模式。”
"It's a very healthy business model," Cook said. She added that the demand remains strong for both of the businesses.
她补充说，这两家业务的需求依然强劲。Grand View Research预计，美国婚礼服务市场到2026年将超过960亿美元，而Pearl和David's Bridal都希望处于该细分市场的前沿。
Grand View Research estimates the U.S. wedding services market will top $96 billion in 2026 — and both Pearl and David's Bridal want to be at the forefront of that segment. The companies will continue to have a "relationship built on reciprocity," she said, sharing proprietary data and pointing customers to the other business for the next steps in their wedding planning.
她说，两家公司将继续保持“建立在互惠基础上的关系”，共享专有数据，并将客户引荐给另一家公司，以进行婚礼筹备的下一步。她补充说，拆分将使每家公司能够更专注于自身业务。
The split will allow each company to refine its focus, she added. Still, the plan to go public comes at a time when AI stocks have been struggling.
然而，上市计划的时机正值AI股票持续低迷之际。消费类公司的首次公开募股市场一直表现平平，越来越多公司推迟上市，投资者也开始对AI热潮失去信心。
The initial public offering market for consumer companies has been lackluster, more companies are postponing their public debuts and investors are beginning to lose confidence in the AI boom. Cook said the differentiator for Pearl is that the company is "not AI for AI's sake."
库克表示，Pearl的区别在于，该公司“不是为了AI而AI”。“大多数AI公司都要寻找客户，”她说，“我们已经拥有她……我们掌握她的信息，这与其说是AI方面的事，不如说是为她现代化整个生态系统，而这个生态系统迫切需要现代化。”David's Bridal并非财务困难的新手。该公司于2018年申请破产保护，几个月后重组。随后又于2023年第二次申请破产，原因是疫情和高通胀导致业务显著放缓。为了自救，该公司随后将业务出售给资产管理公司Cion Investment Corp.，以避免关闭。
"Most AI companies have to find a customer," she said. "We already have her ... we have her information, and it's less about the AI side and more about modernizing this entire ecosystem for her that desperately needed modernization." David's Bridal is no stranger to financial struggles. The company filed for bankruptcy protection in 2018 and emerged a few months later. It then filed a second time in 2023, citing a significant business slowdown from the pandemic and high inflation. To save itself, the company then sold its business to asset manager Cion Investment Corp. to avoid a shutdown.
作为拆分协议的一部分，Cion已提议作为基石投资者向这家独立公司投资2500万美元。
As part of the spinoff deal, Cion has proposed to invest $25 million as an anchor investor in the separate company.
库克去年加入该公司，协助其从传统零售商转型为更具整合性的线上线下体验。她说，该公司“经历了一段艰难时期”，但正是这些困难促使公司决定拆分业务。
Cook, who joined the company last year to help it transition from a legacy retailer to a more cohesive online and in-store experience, said the company has "been through a hard chapter," but those struggles led to the decision to split the business. "That's no secret, we've talked about that openly," she said.
“这不是什么秘密，我们对此公开谈过，”她说。“非同寻常的是，这一过程产生的是一个更精简的戴维斯、一个更专注的戴维斯……我认为这是从实力出发的一步。”
"What's extraordinary is what came out of that process is a leaner David's, a more focused David's ... I think it's a move from strength."