David’s Bridal Plans to Take Wedding Platform Pearl Public

The proposal assigns Pearl a $350 million pro forma enterprise value and contemplates $75 million in private investment in public equity financing. CION Investment Corporation, David’s Bridal’s largest shareholder, has proposed a $25 million anchor investment, subject to definitive documentation.

Pearl would own David’s Bridal’s brand and intellectual property. The businesses expect to maintain long-term commercial ties, with David’s Bridal remaining a material shareholder. The company said stores, appointments, products and services would continue as usual.

CEO Kelly Cook is expected to lead Pearl after the combination, with Elina Vilk expected to become president. Pearl brings together AI planning tools, vendor software, media and commerce, positioning the digital business separately from the store operation. Nothing has closed.

Due diligence, a definitive agreement, board and shareholder approvals, regulatory approvals and other conditions remain outstanding.