(Berlin) German sandal maker Birkenstock, which has become a hot brand in recent years, is seeking to raise up to $1.58 billion in its New York IPO, according to a document published Monday on the website of the American regulator, the SEC.
About 32.26 million shares, priced between $44 and $49 per unit, will be sold in the IPO of the company controlled by investment firm L Catterton, which is associated with the world leader in luxury LVMH and its boss Bernard Arnault.
According to the trade press, Birkenstock, headquartered in Linz am Rhein, not far from Bonn, could be launched on Wall Street on October 11.
The Wall Street Journal reported in September that shareholders expect a valuation of more than $7 billion, with other sources suggesting more than $9 billion.
Founded in 1774 by shoemaker Johann Adam Birkenstock, the company began by marketing soles, before launching into sandals in 1963.
German sandals were popularized by the Western youth emancipation movement during the 60s and 70s, but the brand then became outdated, before being reborn in recent years.
An aggressive marketing strategy has largely contributed to this, illustrated recently by the appearance of the famous sandals on Barbie’s feet in the hit film about the eponymous doll.
Reinvented as a fashion accessory, Birkenstock has even made a place for itself in the world of luxury by launching collaborations with Dior, Valentino, Céline and Givenchy.
A strategy established in 2021 by the acquisition of a majority share of the company by L Catterton, based in the United States, valuing Birkenstock at around 4 billion euros, according to analysts.
The company employs around 6,200 people and claims to produce its shoes in Germany.
This introduction or “IPO” will be watched closely by the financial markets as operations of this type gradually restart, after a severe slowdown linked in particular to the rise in interest rates.
