German footwear brand Birkenstock is reportedly getting set for a listing in the U.S. as soon as September.
The brand’s owner, private equity firm L Catterton, which is backed by luxury French fashion house LVMH, is preparing to launch an initial public offering (IPO) with plans to value the sandal maker at more than $8 billion, Bloomberg reported Monday (July 31), citing unnamed sources. This may even press Birkenstock’s IPO listing in U.S. to a valuation to around $10 billion.
No final decisions have been made on the size or timing of an IPO, according to the report.
L Catterton did not immediately reply to PYMNTS’ request for comment.
Birkenstock’s sales have also been boosted by the blockbuster “Barbie” movie, during which star Margot Robbie wears a pair of pink Birkenstocks, the report said. The sandal maker has also launched collaborative ventures with luxury names like Dior, Manolo Blahnik and Valentino.
L Catterton and the family investment company of billionaire Bernard Arnault acquired a majority stake in the business two years ago in a deal that valued it at roughly €4 billion, per the report.
When the acquisition was announced in February 2021, Birkenstock said the expansion of the company’s shareholders would allow for its expansion in markets like India and China, and growth in America and Europe, and continued development of its production, logistics and sales operations.
“In L Catterton and Financiere Agache we have found not just shareholders, but also partners for achieving our global growth ambitions,” Birkenstock Group CEO Oliver Reichert said at the time.
Last year, Birkenstock recorded a 29% surge in its revenue, amounting to €1.2 billion, with its earnings reaching €394 million, according to the Bloomberg report.
A listing of Birkenstock on U.S. stock exchange would arrive in the backdrop of the recent success of restaurant chain Cava Group’s IPO, which signaled a revival of the IPO market after a slow 18 months, the report said.
Cava’s shares nearly doubled in its debut in June, and the company’s IPO contributed to the first consecutive months with more than $1 billion raised in IPOs on U.S. exchanges since autumn of last year.
The post Birkenstock Preparing for September IPO in the US first appeared on PYMNTS.com.
