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Birkenstock wants to go to Wall Street » Leadersnet

Birkenstock wants to go to Wall Street » Leadersnet

| Editorial Board

| September 13, 2023

The traditional family company, which was founded in 1774 by Johann Adam Birkenstock and has been in existence since 2021. The world’s largest luxury group LVMH he heardIt will be on September 12, 2023 Prospectus filed with the US Securities and Exchange Commission (SEC).

Details of the IPO remain confidential at the present time. However, media reports indicate that it is scheduled to launch in mid-October and that the company is aiming for a very high valuation, such as this. Handelsblatt mentioned.

A story steeped in tradition

Birkenstock began its history as an orthopedic company that manufactured custom-made insoles. In 1963, the company expanded its product range to include sandals, which were originally worn in the healthcare sector. Soon after, they conquered the fashion and lifestyle scene, especially through the hippie movement. More recently, they also gained exposure in the world of cinema when a pink version of the sandal appeared in the hit Hollywood film “Barbie.” The brand has successfully transformed over the centuries and has become a symbol of quality and comfort.

Global presence

Birkenstock produces almost exclusively in Germany and operates a main factory in Görlitz, near the Polish border. The company recently invested nearly 110 million euros in Passwok, Mecklenburg-Vorpommern, to build a new factory that will be able to produce 6.4 million pairs of shoes annually in the future. These shoes, all made in Germany, find their way to more than 100 countries around the world. What’s also impressive is the fact that Birkenstock has expanded its product range since 2017 and now offers bedding and beauty products in addition to sandals.

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Successful financial development

According to a document published on Tuesday, Birkenstock has about 6,200 employees worldwide. In the fiscal year ending September 2022, the company recorded impressive sales of €1.24 billion and a net profit of €187 million. These numbers are further evidence of Birkenstock’s impressive growth, with the company’s sales more than quadrupling in the past eight years.

The acquisition of Birkenstock by US-French private equity firm L Catterton and the private investment arm of French billionaire Arnault’s family in 2021 helped drive the company’s growth and boost its global presence.