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Birkenstock seeks $9.2 billion valuation in U.S. IPO

Birkenstock, Marin County Mart, Larkspur, Calif.

Birkenstock Holding Ltd. has set the terms for its initial public offering.

The German premium comfort footwear brand, which is backed by private-equity firm L Catterton, plans to offer 32.3 million shares priced at $44 to $49 each. At the top-end of the range, the offering would raise about $1.58 billion, according to a filing with the U.S. Securities and Exchange Commission.

Birkenstock plans to list its shares on the New York Stock Exchange under the symbol “BIRK.”

L Catterton bought a majority stake in Birkenstock in 2021 in a deal that valued the company at about $4.8 billion. The firm, which describes itself as the largest global consumer-focused private equity firm, is backed by global conglomerate LVMH, which owns 75 fashion and cosmetics brands.

In its filing, Birkenstock said it has seen “consistently robust revenue growth and operating margins” and “excellent” sell-through rates. In the six months ending March 31, Birkenstock’s revenue rose 19% to 644.2 million euros, or $693.2 million. Net income fell 45%, largely due to a foreign exchange loss.

Birkenstock has long enjoyed a cult following.  But during the past two years, the brand has evolved into a hot fashion item and a favorite among celebrities and influencers, with its popularity boosted by social media.  More than half — 54% — of the company’s customers are in the Americas with Europe accounting for 36%, according to the filing.

Birkenstock’s  filing comes as the brand is enjoying a new boost of publicity from the blockbuster “Barbie” movie. In one of the film’s scenes, star Margot Robbie is seen wearing a pair of pink Birkenstocks. The chef/star of the hit Hulu series “The Bear” also wears Birkenstocks.

Founded in Germany, Birkenstock is now based its London. Its products are sold in more than 100 countries around the globe. In 2017, the company added natural cosmetics to its product lineup.

Goldman Sachs, JPMorgan and Morgan Stanley are lead underwriters in a team of 22 banks working on the deal.

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