Birkenstock offered to group backed by Europe’s richest man

Birkenstock sold to group backed by Europe's richest man

The firm stated in an announcement on Friday that L Catterton associates together with Arnault’s family investment company, Financière Agache, may even put money into the maker of the long-lasting flat sandals. Arnault is Europe’s richest particular person, with an estimated web price of $117 billion, based on the Bloomberg Billionaires Index.

“In L Catterton and Financière Agache we have found not just shareholders, but also partners for achieving our global growth ambitions,” stated CEO Oliver Reichert, who is without doubt one of the firm’s first leaders to return from exterior the Birkenstock household.

Brothers Christian and Alex Birkenstock will maintain a minority stake, based on the Financial Times, which reported that the deal valued the corporate at €Four billion ($4.eight billion). Birkenstock declined to touch upon the monetary particulars of the transaction.

The firm traces its roots to 1774 and is the most important employer within the German shoe business, based on its web site. Its sandals have lengthy been a staple of celebrities and trend icons, corresponding to Heidi Klum, Kendall Jenner and Alexa Chung.

Last July, British Vogue declared Birkenstock the official sandal of 2020 and so they had been probably the most sought after gadgets of clothes in the course of the pandemic, based on on-line trend retailer Lyst.

In the assertion on Friday, Birkenstock stated it’s “performing better than ever before.” Under its new house owners, it plans to develop in markets corresponding to China and India and increase manufacturing in Germany. It may even put money into e-commerce platforms and its direct-to-consumer enterprise.

L Catterton was fashioned in 2016 when LVMH and Groupe Arnault joined forces with US non-public fairness agency Catterton.

“Birkenstock was founded nearly 250 years ago and has grown to become one the few iconic brands in the footwear industry. We truly appreciate brands with this long heritage,” Arnault stated in an announcement.

Birkenstock has 4,300 workers worldwide.

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