The Sequoia China-backed brand, known for clothing, footwear and accessories with inbuilt sun protection, has filed to list on the Hong Kong Stock Exchange.

Founded in 2013 and initially specialising in umbrellas that filter UV rays, Bananaunder’s product range has expanded to include clothing, shoes and hats. Apparel is now its largest revenue contributor.

The Hangzhou-based company recorded sales revenue of 2.4 billion yuan ($376.77 million) last year, with a compound annual growth rate of 150.1 percent since 2019, not enough to avoid posting a net loss of 5.47 billion yuan in 2021, attributed mainly to hefty marketing outlays.

Bananaunder relies heavily on third-party e-commerce platforms for online marketing and sales, but also also opened 66 physical stores in 23 Chinese cities.

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