German luxury shoe brand Birkenstock announced on Tuesday that it plans to go public in the United States. The company, which is known for its comfortable sandals, did not reveal how much money it expects to raise from the offering, but said that its sales increased by 19% to 644.17 million euros ($692.87 million) in the first half of its fiscal year, while its profit dropped by 45.3% to 40.21 million euros.
The IPO filing by Birkenstock comes shortly after other European firms, such as British chip designer Arm, data automation platform Klaviyo and online grocery delivery service Instacart, also revealed their intentions to list their shares in the U.S., as the economic outlook improves and investor appetite returns.
Birkenstock, which has a history dating back to 1774 and is still owned by the founding family, said it benefited from the recent exposure of its products in the hit movie “Barbie”, where actress Margot Robbie wore a pair of pink Birkenstocks, sparking a fashion craze among consumers.
The company said it will trade under the symbol “BIRK” on the New York Stock Exchange.
The IPO is being led by Goldman Sachs, J.P. Morgan and Morgan Stanley.
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