Germany's Birkenstock files for IPO in New York's exchange

German footwear manufacturer Birkenstock has filed for an initial public offering (IPO) in the United States.

The company plans to list its shares on the New York Stock Exchange.

Birkenstock is based in Linz am Rhein in the western state of Rhineland-Palatinate.

The proposed terms of sale have not been revealed.

Bloomberg reported in July that Birkenstock could have a valuation of more than $8 billion (€7.45).

In six months to March 31, Birkenstock increased its turnover by 18.7% to around €644.2 million. It netted a profit of €40.2 million, compared to around €73.5 in 2022.

What is Birkenstock known for?

Birkenstock traces its roots back to Johann Adam Birkenstock, who worked as a cobbler in the village of Langen-Bergheim in the central Hesse region in the 18th Century.

In 1896, Konrad Birkenstock began to develop orthopedic footwear.

The company's sandals made their way to the US in the 1960s, when they became popular among hippies. Birkenstock sandals also become trendy in the 1990s, with Kate Moss wearing a pair for a fashion shoot.

The firm remained in the hands of Birkenstock family heirs until 2021, when private equity company L. Catterton and the family holding fund of French luxury brand magnate Bernard Arnault acquired a majority stake in the firm. Analysts estimate the price of the sale at around €4 billion.

Recently, the brand received a boost after Margot Robbie wore a pair of Birkenstock sandals in the blockbuster hit "Barbie."

sdi/jcg (dpa, AFP)

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