(New York) German sandal maker Birkenstock, whose image has been revolutionized in recent years to become a fashionable brand, filed Tuesday for an IPO on the New York Stock Exchange, according to a published document on the website of the American regulator, the SEC.
The prospectus does not give a date for the listing of the securities of the company controlled by the investment company L Catterton, with which the world leader in luxury LVMH and its boss Bernard Arnault are associated.
According to the Wall Street Journal, shareholders are counting on a valuation of more than seven billion dollars for the company, which is headquartered in Linz am Rhein (southwest of Germany), not far from Bonn.
The Birkenstock filing is a new illustration of the restart of IPOs, which should kick off this week with the introduction of semiconductor designer Arm, also in New York.
The document filed on Tuesday is a preliminary file, which does not mention the number of shares that the group wishes to offer to investors.
It reveals that in its most recent fiscal year, ending at the end of September 2022, Birkenstock had revenue of €1.24 billion ($1.22 billion at the time) and net profit of 187 million euros ($183 million).
Over the six months from October 2022 to March 2023, revenues reached €644 million, up 18%. In eight years, Birkenstock has more than quadrupled its turnover.
Founded in 1774 by shoemaker Johann Adam Birkenstock, the company began by marketing soles, before launching into sandals in 1963.
German sandals were worn by the Western youth emancipation movement during the 60s and 70s, with a more casual style of clothing.
But the brand then became outdated, before being reborn in recent years, with the help of an aggressive marketing strategy, illustrated recently by the appearance of the famous sandals on Barbie’s feet in the hit film about the doll eponym.
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 about 6,200 people, according to the document released Tuesday.
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 .
