Birkenstock May Go Public in $8 Billion IPO

This really would put the stock in Birkenstock.

There's talk that iconic sandal company Birkenstock is planning to go public, with private equity company L Catterton, at a reported $8 billion valuation. Bloomberg reported that the public offering, set to go on the New York Stock exchange, is expected to go forward in September.

Neil Sauders, the managing director of retail at GlobalData told the trade publication Just Style that "an IPO would give Birkenstock more flexibility. As an independent business it could raise funds for expansion and growth."

The sandal, first made in 1774 by a German cobbler by that name, hit the big screen earlier this month with a featured appearance in the Barbie movie.

The Barbie shoe isn't the company's first shoe to hit it big, as last year, the company's "Boston" Clog became an internet and TikTok sensation, selling out in almost every size. One used pair even sold on clothing resale site Poshmark for $350, almost $200 more from the shoes' original price, according to The New York Times.

In March 2021, private equity firm L Catterton acquired the shoe company from the founding family for about $4.1 billion, according to Pitchbook. Other investors in that acquisition deal included a group run by LVMH, the parent company for Louis Vuitton.

The current deal is reportedly advised by JPMorgan Chase.

Bloomberg reported that Birkenstock had revenue of $1.3 billion last year, according to a lender presentation attended by the news outlet, a 29% year- over-year jump for the footwear company.

Birkenstock and L Catteron did not immediately respond to The Messenger's request for comment.