--Birkenstock has reached an agreement to sell a majority stake to L Catterton and affiliates including Financiere Agache

--The deal values Birkenstock at around EUR4 billion

--The move comes as Birkenstock seeks to grow its Asia footprint

By Joshua Kirby and Mauro Orru

Birkenstock and Co. said Friday that it 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, in a deal valuing Birkenstock at around 4 billion euros ($4.87 billion).

The German footwear maker said 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.

The deal values Birkenstock at around EUR4 billion, according to a person familiar with the matter.

The agreement comes after Birkenstock said it is performing better than ever, having reported a strong year despite the coronavirus pandemic hammering sales across the industry, and that it is now seeking to grow in the key markets of China and India as well as Europe and America.

"The expansion of the company's shareholders is the next logical step for Birkenstock to facilitate further strong growth in future growth markets such as China and India," the company said in a statement.

"In Europe and America, Birkenstock will further expand its leading market position by investing in the German sites and expanding production, logistics and sales operations," it said.

Mr. Arnault said Financiere Agache and L Catterton would provide investment as Birkenstock also seeks to expand its direct-to-consumer business and e-commerce platforms.

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

(END) Dow Jones Newswires

02-26-21 0844ET