German sandal and clog maker, beloved of hippies, is planning to list on the New York Stock Exchange.
The iconic German sandal and clog maker Birkenstock, beloved of hippies and free spirits everywhere, is going public with plans to list on the New York Stock Exchange under the ticker symbol “BIRK.”
“Every foot employs 26 bones, 33 muscles and over 100 tendons and ligaments in walking,” the company says. “Improper footwear can cause friction, pain, injury and poor posture, among other ailments.” “The footbed remains the guiding principle for everything we do and the platform we use to explore new product categories,” according to the prospectus.
In 2021, L Catterton, an investment company formed through the partnership of Catterton, LVMH and Groupe Arnault, acquired a majority stake. That stake means L Catterton will retain most of the voting rights once the deal is completed, meaning individual shareholders will have little sway in the running of the company.
Since 2016, the company has invested heavily in its DTC channel, creating e-commerce sites in more than 30 countries. In fiscal 2022, some 89% of the DTC channel sales came from e-commerce sites. The Americas accounted for 54% of revenue in fiscal 2022, while Europe accounted for 36%. The remaining 10% was accounted for by the Asia Pacific Middle East and Africa region.Its manufacturing is all conducted in Germany at five owned factories, while it has additional component manufacturing at a plant in Portugal.
Eagle-eyed fashionistas also noticed that the main character in the Hulu hit “The Bear,” a chef, wears the brand’s $155 clogs.
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