After Crocs, Tod's, Skechers and Dr. Martens, the stock markets could be welcoming a new iconic footwear brand, Birkenstock. The German king of sandals - or perhaps the king of German sandals - is said to be in the process of being floated on Wall Street, where valuations are higher than elsewhere. There's no guarantee that the deal will go through, as the saying goes, but the signals are converging.

6, 8, 10 billion dollars?
The rumor was launched by the Bloomberg agency at the beginning of July: the owner of Birkenstock was considering an IPO based on a valuation of "over 6 billion dollars". A few weeks later, the media went even further, mentioning a deal worth "more than $10 billion" - quite a difference in one month. The Financial Times, on the other hand, talks of "$8 billion". It looks as if the original ugly sandal, since transformed into a cult object, is about to break the bank. In the run-up to an IPO, it's not unusual for the project's bearers to "test" the market's appetite and reactions by launching valuation rumours.
 
One thing is certain: its value will be higher than that retained for the purchase of the controlling interest by L Catterton, the private equity fund backed by LVMH and the Arnault family. That was at the beginning of 2021, and the rumored value was around 4 billion euros, or $4.85 billion at the time. We're therefore fluctuating between a high capital gain ($6 billion) and a very high one ($10 billion).
 
Barbie in sandals
Birkenstock is set to celebrate its 250th anniversary next year. Heirs Christian and Alex Birkenstock orchestrated the operation with L Catterton. The brand has managed to rebuild its reputation, most recently by appearing in the Barbie blockbuster. Margot Robbie ends up wearing a pair of pink Birkenstocks. The Rhineland-Palatinate-based company employs 5,500 people and produces its shoes in Germany. It goes without saying that L Catterton and LVMH's experience in brand maturation, marketing and distribution processes are considerable assets for such a company.