K&F Growth Acquisition Corp. II filed a Form 425 on October 27, 2026, disclosing a proposed business combination with Pearl, the AI-powered wedding planning division of David's Bridal, Inc., including a CNBC interview with David's Bridal CEO Kelly Cook and a republished Inc.com article dated October 26, 2026.

Key Highlights

  • Proposed combination: David's Bridal announced a proposed business combination with SPAC K&F Growth Acquisition Corp. II to take Pearl, its AI-powered wedding-planning platform, public as a standalone company.
  • Proposed valuation: Pearl has a proposed valuation of $350 million, according to the Inc.com article included in the filing.
  • Pearl's launch year: Pearl launched in 2023, according to the filing.
  • Projected margin rates: CEO Kelly Cook stated that Pearl's margin rates "are projected to exceed 30% this year," with that rate expected to go up in 2027.
  • CEO transition: Kelly Cook, current CEO of David's Bridal, will become the CEO of the new public company once the deal closes, according to the filing.
  • David's Bridal stake: David's Bridal is expected to remain a significant Pearl shareholder, and its physical stores and operations would continue as usual.
  • Brand and IP: Under the proposed structure, Pearl would own the David's Bridal brand and its intellectual property.

Pearl Spin-Off: What the K&F Growth Acquisition Corp. II Filing Discloses

According to the filing, K&F Growth Acquisition Corp. II (NASDAQ:KFII) filed this Form 425 pursuant to Rule 425 under the U.S. Securities Act of 1933 and Rule 14a-12 under the Securities Exchange Act of 1934. The filing includes a transcript of a CNBC interview and a republished Inc.com article, both from October 26, 2026, detailing the proposed business combination between K&F Growth Acquisition Corp. II and Pearl, the wedding planning, media, and commerce division of David's Bridal, Inc.

In the CNBC interview, David's Bridal CEO Kelly Cook described Pearl as "an agentic AI wedding and planning ecosystem" that, according to her, "plans her wedding within minutes." Cook stated that the platform's agentic capabilities take actions on behalf of users, such as updating planning steps when budgets change. She characterized the wedding planning industry as "highly fragmented" and "dying for modernization." Cook also noted a "commercial flywheel" between Pearl and the continuing David's Bridal retail business, citing Pearl's access to first-party data about brides as a key asset.

The Inc.com article included in the filing noted that Pearl integrates with MyRegistry to allow couples to collect gifts and cash, connects them with local wedding professionals, and provides vendors a channel to reach prospective clients. The article also quoted Michael Trusov, a professor of digital marketing and analytics at the University of Maryland, who said that "an independent Pearl can open every category to every vendor, including the retailer's competitors, and becomes a more credible partner for third parties." The filing notes that definitive documentation has not yet been entered into, and that a Form S-4 registration statement will be required if the parties proceed.

What Was Disclosed

K&F Growth Acquisition Corp. II filed a Form 425 disclosing a proposed SPAC business combination with Pearl, David's Bridal's AI wedding-planning division, carrying a proposed valuation of $350 million. No definitive agreement has been announced, and further regulatory filings will be required.