By Joshua Kirby

Birkenstock and Co. has agreed to sell a majority stake to L Catterton, a private-investment firm linked to French luxury-goods conglomerate LVMH Moet Hennessy Louis Vuitton.

The German footwear maker said Friday that it reached the agreement with L Catterton and its affiliates including Financiere Agache, the holding company of the family of LVMH's founder, chief executive and controlling stakeholder, Bernard Arnault.

No financial details were disclosed regarding the stake sale, which is subject to the usual antitrust clearance, Birkenstock said.

In a statement, Mr. Arnault said Financiere Agache and L Catterton would help Birkenstock realize its growth potential. The company said that following the investment it plans to invest in its direct-to-consumer business and e-commerce expansion. Production at its sites in Germany will be expanded, it said.

Write to Joshua Kirby at joshua.kirby@dowjones.com; @joshualeokirby

(END) Dow Jones Newswires

02-26-21 0608ET