Birkenstock Holding, a European shoemaker known for its luxury sandals, filed on Tuesday with the SEC to raise up to $100 million in an initial public offering. However, this is likely a placeholder for a deal we estimate could raise up to $750 million.
Birkenstock has developed a portfolio of "footbed"-based products, offering over 700 silhouettes. The company engineers and produces 100% of its products in the EU through vertically integrated manufacturing operations, and its materials and components are primarily sourced from suppliers in Europe. Its strongest, most developed segments are the Americas and Europe, though it states that its APMA segment has demonstrated considerable growth potential. Birkenstock utilizes a multichannel distribution strategy and has invested significantly in its online platform to support the DTC channel, establishing e-commerce sites in more than 30 countries. It also operates a network of owned retail stores, with 45 locations as of June 30, 2023.
The London, UK-based company was founded in 1774 and booked $1.4 billion in sales for the 12 months ended March 31, 2023. It plans to list on the NYSE under the symbol BIRK. Birkenstock Holding filed confidentially on July 7, 2023. Goldman Sachs, J.P. Morgan, Morgan Stanley, BofA Securities, Citi, Evercore ISI, Jefferies, UBS Investment Bank, BNP Paribas, Sanford Bernstein, and HSBC are the joint bookrunners on the deal. No pricing terms were disclosed.
