Birkenstock valued at $8.6 Billion
That's not bad for a company that was seen as the footwear of hippies just a few years ago.
Here's the fickle thing about fashion: one day you laugh at the mere mention of something and the next, once you've seen it on countless models and influencers, you are dashing off to the boutiques to get your hands on the latest drops. Well, this is exactly what has happened with Birkenstock - once the choice of hippies is now the footwear du jour of anyone who is anyone. Collaborations with the likes of Dior, Manolo Blahnik and Valentino have seriously boosted the street cred of the brand but even the most hardened haters can't deny that Birkenstock is back.
So, riding high at their peak must-have, Birkenstock launched on the New York Stock Exchange this week in an initial public offering that values the company at US$8.6 billion. Shares in the company, which was in the hands of the founding family until 2021, will be priced at US$46, the Wall Street Journal, CNBC, and other media reported.
Interestingly enough, it seems that despite its huge popularity, Birkenstock has stayed true to its roots and while other brands have moved production to cheaper wage markets such as Asia, Birkenstock still have around 95% of its products assembled at home, in Germany.
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