Jessica Alba, The Honest Company To Push Through With IPO Plans Soon

By Emily Marks

Jul 04, 2016 04:50 AM EDT

Jessica Alba's The Honest Company will be pushing through with its IPO plans. The "Fantastic Four" star and her team are not in a hurry, though.

SF Gate reported that Jessica Alba's The Honest Company is sincere about its IPO plans. The Santa Monica startup has earned $275 million in revenue last year. This surpassed previous expectations and was a good increase from its $150 million revenue for 2014.

"No one is in a rush," Jeremy Liew, a partner at Lightspeed Venture Partners and Honest board member since 2011, said. "That's the luxury of having a good company that's growing quickly, is well-financed and isn't a capital hog. You can choose the best time and place for the IPO."

According to CEO Brian Lee, the IPO would be a "financing and branding event" for The Honest Company. Lee added that the business isn't in need for either yet.

Mattermark editor in chief of data service Alex Wilhelm also can't see a reason for Jessica Alba's The Honest Company to go public. "Unless their investors are hungry for liquidity," he said.

Currently, the startup's focus is reportedly on the release of more products as well as owning the U.S. market. It has gone far since its creation in 2011, when it started selling 17 products online.

Now, Jessica Alba's The Honest Company has deals with Costco Wholesale Corp. and Target Co., among others, to carry the popular items out of its 1,200 products being offered.

The company recently named its first brand ambassador, Olympic beach volleyball player and fellow California girl, Kerri Walsh Jennings. In an interview with People, Jessica Alba described Jennings as "an awesome mom" who "cares about children's health and her own health."

Last March, The Honest Company was slammed with a lawsuit for false advertising. Missouri-based Margo Smith complained that it has "deceptively marketed" their cleaning products like their laundry detergent and dish soap. She then filed a lawsuit seeking class action status against the company.