Birkenstock, the gap year traveller's sandal maker of choice, has filed for an initial public offering (IPO) with the New York Stock Exchange.
An exact valuation hasn’t been given yet. Still, the company is believed to be worth more than US$8 billion, a significant lift from the US$6 billion valuation which emerged when rumours of the IPO first surfaced back in July.
Owner L Catteron, the investment firm with investments in Cazoo and John Hardy, said it hopes to list Birkenstock within the next month, aiming for the week commencing 9 October.
Luxury goods firm LVMH owns around 40% of L Catterton after it combined with American private equity firm Catterton to create a joint entity back in 2016 and five years later the group bought a majority stake in the sandal company for an undisclosed fee.
Birkenstock UK reported a drop of 24% in its pre-tax profits for the most recent financial year despite sales almost doubling to reach £34.5 million.