L Catterton is about to launch an preliminary public providing of Birkenstock as quickly as September that will worth the long-lasting footwear maker at greater than $8 billion, individuals with data of the matter mentioned.
The non-public fairness agency backed by luxurious French style home LVMH is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a possible itemizing of Birkenstock within the US, Bloomberg Information reported earlier this month.
A list might worth the German sandal maker at as a lot as $10 billion, in accordance with one of many individuals. The corporate’s gross sales have been boosted of late by the blockbuster Barbie film, which stars Margot Robbie within the title function donning a pair of pink Birkenstocks in a single scene.
Deliberations are ongoing and no last choices on the dimensions or timing of an IPO have been taken, the individuals mentioned, asking to not be recognized discussing confidential info. Representatives for Birkenstock and L Catterton declined to remark.
Based almost 250 years in the past, Birkenstock has develop into a high-fashion model, launching collaborations with luxurious names reminiscent of Dior, Manolo Blahnik and Valentino, and spawning variants from labels together with Celine and Givenchy. Its sandals have been offered within the US since 1966.
Birkenstock noticed income rise 29% to roughly €1.2 billion ($1.3 billion) final 12 months, resulting in adjusted earnings of €394 million, in accordance with a lender presentation seen by Bloomberg Information. It’s been investing closely in constructing out its manufacturing websites in Germany, together with a new €120 million manufacturing unit in Pasewalk, a city north of Berlin.
An IPO of Birkenstock would come greater than two years after the L Catterton and the household funding firm of billionaire Bernard Arnault acquired a majority stake within the enterprise, valuing it at about €4 billion.
The US marketplace for IPOs appears to be like prefer it’s lastly coming again to life after 18 months within the doldrums, boosted by the latest success of restaurant chain Cava Group Inc.’s debut.