Billionaire Lutfy’s Dynamite IPO Was a Matter of Succession

The retail entrepreneur behind fast-fashion chain Groupe Dynamite Inc.says he decided to take the company public after exploring talks with private equity groups and determining they weren’t the right fit.

The company that owns the Garage and Dynamite retail brands went public last month on the Toronto Stock Exchange, with owner and Chief Executive Officer Andrew Lutfy selling a 13% interest. It was the largest initial public offering of a Canadian company on the country’s main exchange this year, and valued Lutfy’s stake at nearly C$2 billion ($1.4 billion).

The 60-year-old businessman said the IPO resulted from a ...