Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandals

Birkenstock CEO Oliver Reichert poses for photos outside the New York Stock Exchange, prior to his company’s IPO, Wednesday, Oct. 11, 2023. L. Catterton co-CEO, Michael Chu, second from left, Birkenstock CEO Oliver Reichert, second from right, and Alexandre Arnault, of LVMH, right, pose for photos outside the New York Stock Exchange, prior to the Birkenstock IPO, Wednesday, Oct. 11, 2023.

The 249-year-old German maker of upmarket sandals set a price of $46 per share for its initial public offering of stock, valuing the company at $8.64 billion. Birkenstock is due to start trading Wednesday on the New York Stock Exchange under the “BIRK” ticker symbol. Birkenstock Holding Ltd. sold about 10.8 million shares in the offering, raising about $495 million. Its shareholders sold an additional 21.5 million shares.

The company’s footwear was first cobbled together by Johann Adam Birkenstock in Germany in 1774. The sandals have long been derided as the antithesis of high fashion but have a cult following and this year got a plug in the

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