German sandal company Birkenstock Holding Ltd. hopes to raise as much as $1.58 billion in an initial public offering.
The company set the price of its shares between $44 and $49, revealing the range in a filing with the Securities and Exchange Commission Monday.
That would equate to raising $1.42 billion on the low end of the range.
Financiere Agache, LVMH CEO Bernard Arnault’s family holding company, could buy as much as $325 million in shares, according to the filing. The filing also indicated Durable Capital Partners LP and Norway’s central bank Norges Bank Investment Management are interested in buying as much as $300 million in stock.
Birkenstock disclosed plans to go public in an SEC filing last month in which it outlined categories it aims to expand into, including active and outdoor, professional, orthopedic, and kids’.
Revenue for the company’s fiscal year ended Sept. 30, 2022, totaled 1.24 billion euros ($1.3 billion), up from 962 million euros ($1 billion) in the prior year.
Birkenstock plans to trade under the ticker BIRK on the New York Stock Exchange.
Birkenstock Consumer Base
The brand has managed to spark the interest of a diverse consumer base over the decades that has ranged from athletes and doctors to the fashion crowd.
The company said in Monday’s filing Millennials account for 31% of its customers, Baby Boomers are 30%, Gen X is 27%, and Gen Z accounts for 12%.
Past and current collaboration partners have included Stussy, Fear of God, Dior, and Valentino among many others. More recently, the company was one of several whose products enjoyed a rise via Mattel’s popular “Barbie” movie. In Birkenstock’s case, it saw interest spike for its rose-hued Arizona sandals, which were seen in the movie.
The footwear company said it skews female, with women comprising 72% of its customers.
On a regional basis, more than half of Birkenstock customers are from the Americas, while 36% are from Europe and 10% from Asia Pacific, Middle East, and Africa.
In 2022, the vertical manufacturer made 95% of its products – and all of its footbeds – across the five German factories it owns.
Kari Hamanaka can be reached at kari@shop-eat-surf-outdoor.com.
