Birkenstock Files For IPO on Wall Street

Birkenstock, the shoe company whose popular cork footbed sandals are known for comfort, filed for an initial public offering with the U.S. Securities and Exchange Commission on Tuesday.

The footwear company, founded in 1774 by German cobbler Johann Adam Birkenstock, plans to list its shares on the New York Stock Exchange under the ticker symbol BIRK.

The document did not provide details on how many shares the company plans to offer for sale to the public or at what price. A Bloomberg report in July gave the Neustadt, Germany-headquartered company an estimated valuation of $8 billion.

"We have retained the original spirit of our forefathers who laid the foundation of a global business that is more relevant than ever before," Birkenstock CEO Oliver Reichert said in a letter included with the filing. "Today, we are crowning this development with an IPO — a logical step that began with the stepping back of the family from the operational business."

Private equity firm L Catterton in Greenwich, Connecticut, acquired Birkenstock in April 2021 for $4.85 billion. Once worn mainly by earthy types, the shoes have become favorites with celebrities including model Gigi Hadid. A pair produced in collaboration with luxury retailer Dior sells for $1,100.

In its filing, Birkenstock reported a net profit of 40.2 million euros ($43.2 million) for the six months ending March 31. Revenue in the same period came to 644.2 million euros ($693 million).