2023-10-02 15:52:59
Sandal brand Birkenstock will go public with approximately 32.2 million shares at an issue price between $44 and $49, the company announced. That could earn Birkenstock up to $1.6 billion.
Both Norway’s sovereign wealth fund, the world’s largest equity investor, and investment company T. Rowe Price have announced their interest in larger blocks of Birkenstock shares.
The family holding company of Bernard Arnault, CEO of luxury group LVMH, also wants to buy shares in the company. The shares will trade on the New York Stock Exchange.
Until two years ago, Birkenstock was owned by the family that founded the brand, after which a majority stake was purchased by the American investment company L Catterton. This company is partly owned by LVMH, which is itself known for, among others, Louis Vuitton.
The German brand Birkenstock has been around since 1774 and is known for their sandals with a cork sole. The footwear has gained popularity in recent years. The sandal recently appeared in a popular film Barbie.
1696262391
#Comfortable #sandal #brand #Birckenstock #raises #billion #stock #market #Economy