They have become a source of pride in the fashion world in recent years, with Birkenstock now valued at more than $9.2 billion in its highly anticipated New York listing.
The initial public offering price is expected to be between $44 and $49 per share, said the German shoe maker, which is registered to trade on the New York Stock Exchange under the symbol BIRK.
Birkenstocks have skyrocketed in popularity and sales in recent years; UK revenues jumped 48.8% last year, with demand further boosted by the shoes featured in the Barbie film starring Margot Robbie.
Firmly shedding its “sloppy” reputation, chunky, practical cork-soled shoes seem to be everywhere, whether it’s Gwyneth Paltrow in Los Angeles, Sienna Miller in New York or Claire Foy of The Crown in London.
The current Hollywood product, loved by Julianne Moore, Reese Witherspoon and supermodel Kendall Jenner, is said to have become irresistible after women ditched their painful footwear during the coronavirus pandemic.
Founded in eastern Germany in 1774 by Johann Adam Birkenstock, the brand has remained a family business for centuries, specializing in orthopedic sandals with carefully molded soles that promote healthy gait and posture.
But in 2021, the company entered into a partnership with L Catterton, a private investment group partly owned by Bernard Arnault, who, as head of LVMH, is one of the most powerful men in luxury fashion.
Comfortable sandals may not have been an obvious candidate to pique the interest of the man at the helm of a fashion stable that includes Dior, Louis Vuitton and Celine – but he may have seen that the then-fashionable shoe would be a long-term success.
Birkenstocks used to be popular in the late 1960s and early 1970s before making a comeback in the early 1990s as part of grunge fashion.
But before the pandemic, they were still largely under the radar. However, when stilettos were replaced by slippers during quarantine, people wanted more comfortable shoes.
Celebrity stylist Rochelle White previously told FEMAIL: “I think the rise in popularity of Birkenstocks started back in 2020, with a lot of celebrities and models wearing them.
“Also, social media is pushing them even more. I think with the rise in popularity of loungewear, it’s a natural progression for this type of shoe. Sales of high-heeled shoes fell 71 percent in 2020.”
She continued, “This type of shoe can be tailored to suit the individual due to its simplicity. From summery, flowy dresses to jeans and jumpers, they’re perfect for all ages and look desirable.”
Meanwhile, Anthony McGrath, celebrity stylist and teacher at the Fashion Retail Academy in London, explained: “Our lifestyles have changed dramatically during the pandemic and many people have adapted their wardrobes accordingly, with comfort becoming a major factor in we choose”. wear.
“So it’s no surprise that Birkenstocks have proven to be one of the most popular shoe brands promising comfort and durability, and are worn by many celebrities.
“When we were no longer dressing for parties and events, we needed shoes that could take us to the supermarket and the park and also feel stylish – and Birkenstocks fit the bill.
“While Birkenstocks are instantly recognizable and designed to stay true to their roots by offering orthopedic support, they also come in a wide range of styles and colors, meaning there is a shoe to suit every style and taste.
“The fact that they go with any look and pair perfectly with dresses, jeans and shorts only proves their versatility.”
Presenter and model Alexa Chung has long been a fan of the brand, while singer Lily Allen and reality TV star Millie Mackintosh have been photographed wearing the shoes.
Fashion bloggers and influencers have followed suit, with many making the simple sandal an essential part of their wardrobe.
Birkenstocks have been sold in the United States since 1966, after a woman named Margot Fraser discovered them while on vacation in Germany and began importing the product.
The style has also spawned a range of luxury options from brands such as Celine and Givenchy.
Last month, Birkenstock said its revenue jumped 21 percent in the nine-month period ended June 30, showing strength amid challenging demand for luxury goods as inflation-weary consumers cut back on their spending.
Birkenstock is a sixth-generation family business. He collaborates with several famous brands, including Dior, Manolo Blahnik and Rick Owens.
Following the offering, L. Catterton will own approximately 83 percent of the company’s shares. As follows from the documents, Birkenstock intends to use the proceeds from the IPO to pay off debt.
Goldman Sachs, JP Morgan and Morgan Stanley are among the IPO underwriters.