Birkenstock: Hippie sandal files for NYSE listing in further boost for US market
Sandal maker Birkenstock filed for an IPO on the New York Stock Exchange, in a further boost for the US market.
The German business, whose stripped-back shoes are sometimes called ‘Jesus sandals’, has been targeting a valuation of more than $8bn (£6.2bn), according to a number of reports.
Birkenstock reported revenues of $644m (£516m) in the six months ending March, an increase of 19 per cent when compared to the same period last year.
A renewed interest in the brand has also been sparked in recent months following its cameo in the summer blockbuster hit Barbie.
“Our powerful business model and consistent execution have delivered continuous top-line growth and an expanding margin profile,” the business said.
“Our financial performance reflects the strong demand for our brand and the benefits of our engineered distribution model that delivers the right product for the right channel at the right price point.”
“This approach enables us to enjoy a rare combination of consistent, predictable growth and high levels of profitability, providing us with significant flexibility to invest in our operations and growth initiatives,” it added.
It will join the increasing number of European companies favouring the US market over a listing on closer turf in the UK.
Digital chip maker Arm filed for an New York IPO last month and Smurfit Kappa said last week it would ditch its main London listing for the USA following its merger with West Rock.
Building supplier CRH is also set to swap its London listing for New York this month after shareholders waved through the move earlier this year, while gambling giant Flutter is set for a dual listing.