L Catterton is set to launch an original public immolation of Birkenstock as soon as September that may value the iconic footwear maker at further than$ 8 billion, people with knowledge of the matter said.
The private equity establishment backed by luxury French fashion house LVMH is working with Goldman Sachs GroupInc. and JPMorgan Chase &Co. on a implicit table of Birkenstock in the US, Bloomberg News reported before this month.
A table could value the German sandal maker at as important as$ 10 billion, according to one of the people. The company’s deals have been boosted of late by the blockbuster Barbie movie, which stars Margot Robbie in the title part slipping a brace of pink Birkenstocks in one scene.
Reflections are ongoing and no final opinions on the size or timing of an IPO have been taken, the people said, asking not to be linked agitating nonpublic information. Representatives for Birkenstock and L Catterton declined to note.
Innovated nearly 250 times agone, Birkenstock has come a high- fashion brand, launching collaborations with luxury names similar as Dior, Manolo Blahnik and Valentino, and spawning variants from markers including Celine and Givenchy. Its sandals have been vended in the US since 1966.
Birkenstock saw profit rise 29 to roughly€1.2 billion($1.3 billion) last time, leading to acclimated earnings of€ 394 million, according to a lender donation seen by Bloomberg News. It’s been investing heavily in erecting out its product spots in Germany, including a new€ 120 million plant in Pasewalk, a city north of Berlin.
An IPO of Birkenstock would come more than two times after the L Catterton and the family investment company of billionaire Bernard Arnault acquired a maturity stake in the business, valuing it at about€ 4 billion.
The US request for IPOs looks like it’s eventually coming back to life after 18 months in the doldrums, boosted by the recent success of eatery chain Cava GroupInc.’s debut.