Torrid Holdings Inc.

What does Torrid Holdings own?

The Torrid brand and its product lines, including Torrid Curve intimates and five sub-brands launched in fiscal 2025. It is a single-banner company.

Is Torrid publicly traded?

Yes. It trades on the NYSE under ticker CURV, having IPO'd in July 2021.

Who owns Torrid?

Public shareholders. Former owner Sycamore Partners sold its controlling stake after the 2021 IPO; no shareholder currently controls the company.

Is Torrid related to Hot Topic?

Historically yes. Torrid was created inside Hot Topic, Inc. in 2001 and shared Sycamore Partners ownership until the 2021 IPO. The companies are now fully separate; Hot Topic was sold to Spencer Spirit Holdings in September 2026.

Where is Torrid headquartered?

City of Industry, California, USA.

How many Torrid stores are there?

483 as of the end of fiscal 2025 (January 31, 2026), down from 634 a year earlier after the company closed 151 underperforming locations.

The Torrid concept began inside Hot Topic in 2001, when executives testing plus-size versions of the chain's licensed apparel found a customer almost entirely ignored by mall fashion. The first store opened in Brea, California, and the chain expanded through the 2000s into a several-hundred-unit fleet selling band tees, denim, and intimates in extended sizes.

In 2013, private equity firm Sycamore Partners acquired Hot Topic, Inc. for approximately $600 million, taking Torrid along. Sycamore separated Torrid into a standalone company and invested in it as a growth asset: new store formats, expanded intimates under the Torrid Curve line, a rebuilt e-commerce platform, and national marketing that reframed plus-size apparel as fashion rather than basics.

The strategy culminated in a July 2021 IPO at $21 per share, valuing the company near $2.3 billion. The debut coincided with the tail of pandemic-era consumer spending, and results deteriorated as stimulus ended, freight costs rose, and mall traffic softened. Sales declined in fiscal 2022, 2023, 2024, and 2025, and the stock traded at a fraction of its IPO price for most of that span.

Harper's turnaround program reached its decisive phase in fiscal 2025. The Retail Store Optimization Project closed 151 underperforming locations, most in the fourth quarter. The company reorganized the assortment around core product franchises, introduced five sub-brands that delivered about $70 million in sales, and absorbed approximately $50 million in tariff-related costs after the April 2025 U.S. trade changes, pausing footwear while re-sourcing. Net sales fell to $1.0 billion, Adjusted EBITDA came in at $63.6 million, and the company ended the year with $84.9 million in liquidity. Fiscal 2026 guidance targets $940 to $960 million in sales with margin expansion.

Torrid's challenges have been commercial rather than scandal-driven. The multi-year sales decline and stock collapse drew shareholder scrutiny and periodic activist interest in its small float. Tariff costs in fiscal 2025 forced category-level decisions, including pausing footwear, that frustrated some customers. A limited 2020 recall of children's sleepwear for flammability standard violations is the notable product-safety event on record; it affected a small number of units and was resolved with refunds. No major labor, discrimination, or data-breach events are documented in recent years.