German footwear brand Birkenstock has filed for an initial public offering with the US Securities and Exchange Commission. The company plans to list its shares on the New York Stock Exchange and has disclosed its financial results for the first time, writes Worldfootwear.com.
Birkenstock, owned by Louis Vuitton Moët Hennessy-backed private equity firm L Catterton, filed for an initial public offering with the U.S. Securities and Exchange Commission last Tuesday, indicating it intends to grow its business in the U.S. market. The company plans to list its shares on the New York Stock Exchange under the symbol BIRK, but it is unclear when it will announce the price of its shares or the terms of the sale.
However, this is the first time Birkenstock has disclosed its financials. For the financial year ended September 30, the company had sales of 1,2 billion euros and net profit of 187 million euros. Moreover, in the first half of the current financial year, that is to March 30, Birkenstock sales rose 19% year-on-year to 644,17 million euros, while profits fell 45,3% to 40,21 million euros
The filing for an initial public offering follows a high-profile marketing push by the company, which saw pink Birkenstock shoes appear on the feet of the heroine of the movie "Barbie," which premiered with a strong advertising campaign around the world. This has led to a new wave of interest in Birkenstock in the fashion world, which in recent years has also been successfully fueled by colorful collaborations.