(Berlin) German Birkenstock sandals, which have shed their cheesy image to be embraced by stars, could soon be listed on the stock exchange and valued at more than eight billion dollars, according to press reports.
Owner of the famous brand, the investment fund L Catterton, which is associated with the world leader in luxury LVMH and its boss Bernard Arnault, plans to launch the IPO process in New York in September, according to the financial agency. Bloomberg.
The agency, which relies on sources familiar with the matter, indicates that the manufacturer of sandals could thus be valued at 10 billion dollars. The Financial Times mentions a valuation of more than 8 billion dollars.
Questioned by AFP, neither Birkenstock nor L Catterton wished to comment on this information on Tuesday.
The decision and timing for a possible IPO have not been finalized, according to media reports.
Initially a producer of orthopedic insoles covering comfortable sandals, but deemed unattractive, the German shoemaker has modernized its image, earning its place in fashion shows and on the feet of stars.
Latest conquest of the German sandals: the summer blockbuster Barbie. At the start of the film, the heroine played by Margot Robbie cannot imagine herself without her trusty pair of pumps, but she ends up sporting a pair of comfortable pink Birkenstocks.
This marketing operation creates a favorable environment for a stock market launch, says the German business daily Handelsblatt, which also cites the target for the month of September.
Founded nearly 250 years ago, Birkenstock has made a name for itself in the world of fashion by launching collaborations with luxury names such as Dior, Valentino, Céline and Givenchy.
A strategy consecrated in 2021 by the acquisition of a majority share of the company by L Catterton, a fund based in the United States, valuing Birkenstock at some 4 billion euros, according to analysts.
Based in Linz am Rhein in the Land of Rhineland-Palatinate (southwest) and employing some 5,500 people, Birkenstock claims to produce its shoes in Germany. One of its most important sites is in Görlitz, in the east of the country, not far from the Polish border, and a new factory is due to open by the end of the year in northern Germany. .