Clothing Birkenstock shares up after one year on the stock market
The sandal manufacturer Birkenstock has reported a positive share price on the anniversary of its botched stock market debut in the USA. The shares closed trading on Thursday at just under 50 dollars.
11.10.2024, 05:51
SDA
This was above the issue price of 46 dollars - and above all well above the interim lows of around 36 dollars.
Birkenstock had already set the issue price in October 2023 rather cautiously in the middle of the previously set range of 44 to 49 dollars. However, even this was too much for investors. After the initial slump, the share price recovered over the course of the year to more than 60 dollars in August. But then quarterly figures disappointed analysts' high expectations.
Proceeds to reduce debt
The Birkenstock share placement raised almost 1.5 billion dollars. Around two thirds of this went to the main owner, L Catterton, who is linked to the luxury group LVMH and its billionaire boss Bernard Arnault. Birkenstock used its share of the IPO proceeds to reduce its debt. After the weak start on the stock market, CEO Oliver Reichert emphasized that Birkenstock is focused on sustainable long-term growth. L Catterton retained control even after the IPO.
The origins of Birkenstock, headquartered in Linz am Rhein in Rhineland-Palatinate, date back to 1774. According to the company, Johannes Birkenstock laid the foundations for "a Schumacher dynasty" almost 250 years ago. The company describes itself as the "inventor of the footbed".
