Birkenstock, the iconic sandal manufacturer known for its enduring comfort and style, has officially announced its intentions to go public, marking a significant milestone for the company. The decision to pursue an initial public offering (IPO) was revealed in a filing with the Securities and Exchange Commission (SEC).
CEO Oliver Reichert expressed his enthusiasm for this new chapter in a message to potential shareholders included in the filing. He highlighted the brand’s dedication to preserving its rich heritage, dating back to the 1770s, and the global relevance it maintains today. Reichert sees the IPO as the culmination of the company’s development and its commitment to honoring its historical legacy.
Reports circulating earlier had hinted at Birkenstock’s potential IPO plans, with speculations suggesting that the sandal maker’s valuation could reach $7 billion or more. This move comes after a successful fiscal year in 2022 when Birkenstock generated approximately $1.335 billion (€1.24 billion) in revenue and achieved a net profit of $201 million (€187.1 million), as disclosed in the SEC filing.
Birkenstock has chosen the New York Stock Exchange as the platform to list its shares. Post-IPO, affiliates of L Catterton will exert a controlling influence over the combined voting power of Birkenstock’s outstanding ordinary shares. L Catterton has been the majority owner of Birkenstock for over two years, and the private equity firm, backed by LVMH and Groupe Arnault, boasts around $30 billion in assets under management.
The sandal company aims to trade under the symbol “BIRK,” although specific details about the IPO date and share price were not disclosed in the filing.
Throughout fiscal year 2022, Birkenstock sold approximately 30 million units, underlining its enduring popularity among diverse customer segments. The brand’s appeal spans a wide spectrum of society, attracting doctors, adventurers, professional athletes, families, and even runway models at prestigious events like Paris Fashion Week.
Birkenstock’s products are available in about 90 countries worldwide, distributed through online channels and approximately 45 company-owned retail locations. As the company prepares for its IPO, it seeks to leverage its timeless brand image and widespread appeal to continue its journey of growth and success in the global footwear market.
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