Birkenstock files for IPO

September 13, 2023 07:14 AM AEST | By Investing

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Birkenstock files for IPO — Image source: Kalkine Media

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Investing.com -- German sandal maker Birkenstock filed its paperwork to go public on Tuesday.

The company didn't disclose pricing of the initial public offering, or how many shares it intended to float, but said its plans to list its shares on the New York Stock Exchange under the ticker “BIRK,” according to regulatory filing with the Securities and Exchange Commission.

Goldman Sachs, J.P. Morgan and Morgan Stanley will serve as lead underwriters, the company said.

The bulk, or roughly 90%, of the company's revenue comes from the Americas and Europe, and the German footwear maker a huge female following, which make up about 70% of its customers, who are mostly Millennials, Gen X, and Baby Boomers, according to a consumer survey citing in the regulatory filing.

Birkenstock has been making a big direct-to-consumer, or DTC, push in recent years, growing DTC revenue at at compound annual growth rate of 42% between 2018 and 2022. DTC revenue has more than doubled to a 38% share of revenues in fiscal 2022, up from 18% in fiscal 2018, the company said.

This article first appeared in Investing.com

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