German footwear brand Birkenstock has filed for an initial public offering (IPO) on the New York Stock Exchange (NYSE) under the symbol “BIRK.” While the target share price and proposed listing date were not disclosed in the filing, it’s reported that Birkenstock is seeking a valuation of over $8 billion. In the filing, the company stated that its revenue for the six months ending in March had increased by 19% compared to the same period in the previous financial year, but its net profit had fallen by 45%.
Birkenstock attributed the profit decline to inflationary pressures that led to increased labor and material costs. The IPO marks a significant move for the family-owned company, which sold most of its business to private equity firm L Catterton in 2021, retaining only a minority stake. It also reflects a trend of European companies choosing the U.S. for their public offerings, following an 18-month slowdown in IPO activity worldwide.
Please note that the company didn’t disclose the exact target share price or proposed listing date in its filing, and the reported valuation of over $8 billion is based on unnamed sources cited in the Financial Times.