Alo Yoga Moves Toward IPO After Selling Bella+Canvas to SanMar

Quick Facts

Alo Yoga’s parent company, Color Image Apparel, agreed to sell Bella+Canvas to SanMar in May 2026 for an undisclosed amount.
The deal has not yet closed, and Alo co-CEOs Danny Harris and Marco DeGeorge have not publicly addressed IPO plans.
Analysts say the divestiture simplifies Alo’s financials and positions the brand for a public offering or sale at a reported $10 billion valuation.

Alo Yoga’s parent company struck a deal to sell its wholesale T-shirt business, Bella+Canvas, to SanMar in May 2026, according to Business of Fashion. The deal has not closed. Terms were not disclosed.

The move strips away the most complex part of Alo’s corporate structure. Color Image Apparel, the privately held parent company owned by co-founders Danny Harris and Marco DeGeorge, will retain only the Alo Yoga brand once the transaction closes.

Harris and DeGeorge founded Bella+Canvas in 1992 out of a garage and grew it into one of the largest wholesale T-shirt makers in the United States. DeGeorge said in the Bella+Canvas announcement that selling to a privately held, family-owned buyer rather than private equity was a priority.

Alo Yoga was founded in 2007 and has never taken outside investment. The founders bootstrapped the brand using profits from Color Image Apparel and Bella+Canvas. Forbes estimated both Harris and DeGeorge to be worth approximately $4.7 billion each as of 2025.

The brand’s sales grew from $200 million in 2020 to over $1 billion by 2022. Alo generated $479.5 million in revenue during the five-week period between December 4, 2025 and January 4, 2026, with weekly revenue up 50.1% by the final week of that stretch. The company now operates more than 150 stores globally.

Wall Street analysts had already flagged Bella+Canvas as a complication. During prior acquisition talks in 2023, no deal materialized in part because the wholesale business muddied Alo’s investment story. A dozen retail analysts, M&A advisers, and investors told Business of Fashion that shedding it makes Alo far easier to value and sell.

“It makes sense to clean up the model and financials for investors,” said Cristina Fernandez, managing director and senior research analyst at Telsey Advisory Group.

Neil Saunders, managing director at GlobalData Retail, put it plainly: “Alo is a mature business, so it’s at the stage where you generally do something with it. You IPO it, you sell it off, you launch something else alongside it to grow another complementary area to Alo.”

Analyst Randy Konik at Jefferies noted that Alo and rival Vuori have gained ground as Lululemon has lost footing with its core customer base by expanding into new categories. Alo has leaned into an affluent, aspirational consumer with campaigns shot on superyachts in the French Riviera and a push into luxury accessories.

Harris told Vogue Business that entering the luxury category was “the perfect step” for the brand. His stated thesis: heritage luxury brands chase the wellness trend, while Alo starts from wellness and builds toward luxury status.

Harris and DeGeorge have not publicly confirmed whether an IPO or sale is under consideration. Founder-owned companies can list without first bringing in institutional investors, though outside capital typically helps set a benchmark valuation ahead of a public offering. Alo’s valuation has been reported at approximately $10 billion as of 2025.

For ecommerce and retail operators, the Bella+Canvas sale signals a broader strategic reset. A leaner Alo, focused entirely on premium activewear and luxury accessories, becomes a much cleaner acquisition target or public market candidate at a time when Lululemon is under pressure and the activewear category continues to grow.