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By Ken Kubec · August 25, 2025 · Curated by George's Blog
🍿 I'll be watching this one with popcorn...Pattern Group ("PTRN") just filed their S-1 to go public, with Goldman Sachs and JP Morgan as their joint book runners (impressive).
Pattern Group partners with name brands and manages their sales on Amazon marketplaces, among others. Pattern effectively buys inventory from their brand partners and manages the logistics and listing process on marketplaces. They typically sign one year distribution agreements with auto-renewals. (I'm sure bankers love this model given the working capital needs and name brand asset back lending 💰 )
In 2024 the company generated ~$1.8B in revenue and for the first 6 months of 2025 they generated ~$1.1B.
I'll be digging in deeper to prospectus and provide deeper analysis as this one is near and dear to my heart for a few reasons:
1) I ran a mini-Pattern Group for 4 years.
2) We once had visions of going public at Thrasio. At Thrasio, we acquired and operated private label brands as a 3rd party seller on Amazon (primarily) and scaled to $1B+ in revenue via 200+ acquisitions. (More to come on what happened in the Amazon aggregator market)
3) There has been vigorous debate in the e-commerce community as to Amazon as a viable long term platform for brands and building a business on it.
Amazon accounted for 94% of Pattern Group revenue in 2024 between the US Marketplace (88% of total revenue) and International Marketplaces (6% of total revenue). So whatever anyone says regarding 60+ marketplaces, proprietary technology, etc...this is an Amazon mutual fund of brands (right now).
I always knew a company in the Amazon brand ecosystem would go public in the US. If nothing else, it will re-spark the debate about Amazon as a viable marketplace to build a sustainable business.
It's great to see the company getting to this point, well done Pattern Group...rooting for your success.
I'd love to hear your comments on what you are seeing on the Amazon marketplace as a 3P seller.
More thoughts to come on Pattern Group and their business model, as well as my experience in the space over the past 10 yrs.