Birkenstock Walking Toward September IPO with $8B Valuation
German footwear brand Birkenstock is reportedly getting set for an initial public offering as soon as September.
The brand’s majority owner, private equity firm L Catterton, which is backed by luxury French fashion house LVMH, plans to value the sandal maker at more than $8 billion, Bloomberg reported.
The IPO would arrive just two years after L Catterton purchased its stake in the company, valuing it at roughly $4.35 billion. Descendants of the footwear brand’s founder, brothers Alex and Christian Birkenstock, have kept a minority stake in the business.
Last month, news surfaced confirming that consumer-focused L Catteron was in talks with investors, including Goldman Sachs and JPMorgan, who are advising on the deal, regarding Birkenstock’s next steps.
While deliberations are still ongoing, previous reports suggested the shoemaker could be valued at $6 billion, and according to Bloomberg the company could be valued at up to $10 billion.
Birkenstock, which was founded about 250 years ago, has evolved into a high-fashion brand, collaborating with luxury names such as Dior, Manolo Blahnik, and Valentino. Since 1966, it has sold its distinctive sandals in the US.
In 2022, the company’s revenue climbed 29% to almost $1.3 billion, and it has been spending extensively in expanding its German production sites.
L Catterton, which claims itself as the world’s largest consumer-focused private equity fund, and has taken Restoration Hardware, Leslie’s, Vroom, Peloton, Noodles & Co., and others public.
