Birkenstock is following in UK chip-maker Arm’s footsteps as a high-profile European firm in search of a public providing within the US reasonably than the outdated continent.
German sandal maker Birkenstock, whose picture has been revolutionised lately as an iconic style model, has filed its utility for an inventory on the New York Inventory Trade.
The prospectus, printed on the US Securities and Trade Fee’s web site on Tuesday, doesn’t give a date for the itemizing of shares within the firm, which is managed by funding agency L Catterton and likewise counts luxurious items chief LVMH and its boss Bernard Arnault as companions.
Shareholders speculate that the corporate’s valuation will sit at greater than $7 billion {dollars} (€6.5 billion), in keeping with the Wall Road Journal, whereas the Monetary Instances, citing unnamed sources accustomed to the matter, says it needs greater than $8 billion.
Birkenstock’s submitting is an extra illustration of the resurgence of IPOs, which is because of kick off this week with the itemizing of UK semiconductor designer Arm, additionally in New York.
The announcement additionally means Birkenstock is following in Arm’s footsteps as a high-profile European firm in search of a public providing within the US reasonably than the outdated continent.
The doc filed on Tuesday is a preliminary submitting and does not point out the variety of shares that the group needs to supply to buyers.
It reveals that in its final fiscal 12 months, which resulted in September 2022, Birkenstock generated gross sales of €1.24 billion and a internet revenue of €187 million.
Within the six months from October 2022 to March 2023, revenues reached €644 million, a rise of 18%.
In eight years, Birkenstock has greater than quadrupled its gross sales.
From faux-pas to style icon
Based in 1774 by shoemaker Johann Adam Birkenstock, the corporate started by promoting soles, earlier than transferring on to sandals in 1963.
Within the 60s and 70s, the emancipation of younger folks within the West led to a extra informal type of gown.
However the model then fell out of style, earlier than being reborn lately with the assistance of an aggressive advertising and marketing technique, illustrated most lately by its look within the blockbuster Barbie movie.
ADVERTISEMENTReinvented as a style accent, Birkenstock has even carved out a spot for itself on this planet of luxurious by launching collaborations with Dior, Valentino, Céline and Givenchy.
In 2021, this technique will culminate within the acquisition of a majority stake within the firm by US-based L Catterton, valuing Birkenstock at round €4 billion, in keeping with analysts.
The corporate employs round 6,200 folks, in keeping with the SEC submitting.
Birkenstock claims to supply its footwear in Germany. Considered one of its largest websites is in Görlitz, within the east of the nation, not removed from the Polish border, and a brand new manufacturing unit is because of open by the tip of the 12 months in northern Germany.