Birkenstock is preparing for its initial public offering (IPO) with the investment fund L Catterton. According to Bloomberg, this operation could value Birkenstock at over $6 billion and involve financial giants Goldman Sachs and JPMorgan.
Bloomberg News, the American news agency specializing in economics and finance, recently announced that the investment fund L Catterton is actively preparing for Birkenstock's IPO. Goldman Sachs and JPMorgan are said to be involved in this operation, which is planned for the end of the year or the beginning of the next fiscal year.
L Catterton, created in 2016 through the merger of Catterton, a fund specialized in supporting high-growth startups, and luxury giant LVMH and the Arnault Group (the family holding company of Bernard Arnault), is orchestrating this move. The renowned sandal brand could be valued at over $6 billion through this operation. However, the details and feasibility of the operation have not been disclosed by L Catterton and the German sandal manufacturer.
L Catterton has already invested in several growing brands, including Sweaty Betty, Third Love, and Everlane. It even considered an IPO, according to information from The Wall Street Journal in February 2022. The fund, supported by Financière Agache, a company owned by the Arnault family and the CEO of LVMH, acquired Birkenstock two years ago. After the acquisition, the valuation of the German brand rose to €4.4 billion.
In recent years, thanks to effective marketing, Birkenstock has become a coveted brand, symbolizing bohemian chic style. And the year 2023 is already proving to be particularly significant for the brand founded 250 years ago by the Birkenstock family. It is preparing to celebrate the anniversaries of three of its iconic models: Arizona, Gizeh, and Madrid.
The pandemic played a key role in Birkenstock's growth. As comfortable shoes, its sales skyrocketed during the 2020 lockdown, with a 225% increase in online searches, according to Lyst data. Birkenstock then chose to collaborate with top brands such as Manolo Blahnik, Dior, and Valentino to create capsule collections.
Lastly, Europe remains the most lucrative market for Birkenstock, with 45% of its revenue generated primarily in Germany, France, Italy, and the United Kingdom.
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