The German company has been in the shoe business for 250 years. But it took a private-equity firms with close ties to LVMH’s Bernard Arnault to make...
It may strike you that delving into Birkenstock with the stock market in turmoil is a tone-deaf, last-gasp-of-summer frivolity. Yet the circumstances of this maker of Teutonic-hippie-cum-hipster sandals are emblematic of what concerns not only culture vultures but also hard-core investors right now.
Yes, dollar not euro, because Birkenstock is looking to list in New York, since U.S. exchanges generally convey higher valuations, which, bankers hope, in the case of Birkenstock, will be up around $8 billion, or some five times annual revenue. Clearly, a valuation not for the faint of heart—or in this case, tender of foot.
As a private equity veteran said to me, the LVMH tie supercharges Birkenstock not only with capital but also with a luxury/consumer global network. A person close to Birkenstock highlighted the opportunity to grow in Asia, which is “still largely untapped.” As for Birkenstock, L Catterton isn’t providing numbers, or commenting on the IPO, and the S-1 hasn’t been filed, but we can get a peek at some financials from Debtwire, which provides results for holders of the company’s publicly traded bonds. A June report shows Birkenstock’s net sales growing 19% year over year in the first half of 2023 to $704 million, while adjusted earnings before interest, taxes, depreciation, and amortization, or Ebitda, climbed 11%, to $245 million.
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