Birkenstock has filed for an initial public offering, another sign that U.S. stocks are attractive to European companies looking to boost their valuations.
The German footwear maker, whose iconic sandals are beloved by hippies and preppies, will remain controlled by private equity firm L Catterton, according to the firm. Archive Tuesday. The company will disclose the terms of the proposed share sale in a later filing with the U.S. Securities and Exchange Commission.
Bloomberg News said the IPO could value Birkenstock at more than $8 billion report Before. Goldman Sachs Group Inc., JPMorgan Chase & Co. and Morgan Stanley led the offering, which comes more than two years after L Catterton and the family investment firm of billionaire Bernard Arnault Acquired a majority stake in Birkenstock. Valuation Its value is approximately €4 billion ($4.3 billion).
List added
The U.S. IPO market finally looks to be recovering after 18 months of sluggishness.Birkenstock files for IPO, following other semiconductor design companies owned by SoftBank Group Corp. armGrocery Delivery Company instacart and marketing and data automation providers claviyo corp.
Founded nearly 250 years ago, Birkenstock developed contoured insoles for improved comfort. Modern cork-lined sandals became popular in the 1970s, with shoppers from the American Southwest to Europe enamored with the comfortable style. Birkenstock has since become a high-fashion brand, partnering with luxury brands such as Dior, Manolo Blahnik and Valentino, and spawning Celine and Givenchy. Variations from brands such as (Givenchy).
More than half (54%) of the company’s customers are in the Americas, with Europe accounting for 36%, according to Tuesday’s filing. While 72% of Birkenstock customers are women, the footwear has broad cross-generational appeal, with Millennials leading the way at 31% of sales, followed by Baby Boomers at 30% and Gen Xers at 27%. %, with Generation Z accounting for 12%.
The listing would cap a successful run at the company, which saw the family heirs exit management roles about a decade ago. Since then, it has streamlined its strategy, launched high-profile collaborations and experienced explosive growth in demand.
“Oldest Startup Company”
“We consider ourselves the oldest startup on the planet,” CEO Oliver Reichert said in a letter to investors included in the filing. “We are a brand backed by twenty-five years of family tradition, with the resilience, timeless relevance and credibility of a multi-generational business.”
Recent blockbusters boost sales Barbie In the movie, star Margot Robbie wears a pair of pink Birkenstocks in one scene.
The company’s net profit for the six months ended March 31 was 40 million euros on revenue of 644 million euros, documents show. This compares with revenue of €543 million, compared with €73 million in the same period last year.
Birkenstock has also invested heavily in building production bases in Germany, including a new €120 million factory in Pasewalk, a town north of Berlin.
The company will be renamed Birkenstock Holding Ltd. and plans to list on the New York Stock Exchange under the ticker BIRK.
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