The Joann retail chain has filed for a proposed IPO, citing sales growth triggered by a surge in ... [+] at-home sewing and crafting enthusiasts. Joann was born in 1943 when six German immigrants opened a fabric store in Cleveland, Ohio. The company adopted the name Jo-Ann Fabrics in 1963, and in 2018 rebranded itself as Joann to position itself beyond fabrics, and in the broader crafts market. Joann has an advantage as a retailer because fabric and craft shoppers often want to see and touch fabric or yarn in-person, in a store, rather than buy online. Social media sites such as Instagram have also fueled the growth of sewing and crafts, and made this a good time to be in the space Joann occupies, Miquelon said.

Source: Forbes February 16, 2021 22:02 UTC