Legendary German sandal maker Birkenstock has filed its application for a listing on the New York Stock Exchange Tuesday (September 12), which some speculate also holds symbolic significance as the company, founded in 1774 by shoemaker Johann Adam Birkenstock, is only two years older than the United States itself.
The company followed the footsteps of UK chipmaker Arm as the next high-profile European company going public in the New World instead of the Old.
Birkenstock's application was announced by the US Securities and Exchange Commission's website, but does not give a date for the listing of shares in the company, which is controlled by investment firm L Catterton, which acquired the firm in 2021, and also counts luxury goods leader LVMH and its boss Bernard Arnault as partners, as per Euronews.
Upon going public, the company will use the Wall Street trading name "BIRK."
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How Much is Birkenstock's Value?
There are multiple speculations from shareholders about the company's valuation, with the Wall Street Journal saying it would be more than $7 billion, while the Financial Times, citing anonymous sources familiar with the matter, saying it should be over $8 billion.
However, the document filed by the footwear firm did not mention the number of shares the group wishes to offer to investors.
In fiscal year 2022, which ended last September, Birkenstock generated €1.24 billion ($1.33 billion) in sales and a net profit of €187 million (over $200 million). Meanwhile, in the six months from October 2022 to March 2023, revenues reached €644 million ($692 million), an increase of 18%.
Birkenstock has had many financial ups and downs in its over 200 years of history of making shoes and in the 1960s, sandals. Its latest brand resurgence has been credited to its appearance in the recent blockbuster film "Barbie."
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