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

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. The stock opened for trade at $41, which was below the range of $44 to $49 it had been expected to price just a week ago.

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 blockbuster film “Barbie.” Birkenstock’s formula for success began with a view that humans are intended to walk barefoot. The company said in its filing that its footbed, which was developed in 1902, “represents the best alternative to walking barefoot, encouraging proper foot health by evenly distributing weight and reducing pressure points and friction.”

Brasil Últimas Notícias, Brasil Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandalsNEW YORK (AP) — Birkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day. The 249-year-old German...
Fonte: YahooFinanceCA - 🏆 47. / 63 Consulte Mais informação »

Birkenstock set for its stock market debut as Wall Street trades in its wingtips for sandalsNEW YORK (AP) — Birkenstock is making its debut on the stock market as Wall Street trades in its wingtips for sandals for a day.
Fonte: SooToday - 🏆 8. / 85 Consulte Mais informação »

Stock market today: Wall Street points higher on hints that interest rate hikes may abateWall Street is following global markets higher before Tuesday's opening bell on some potentially encouraging news about interest rates, which have been dragging markets lower since the summer.
Fonte: CTVNationalNews - 🏆 82. / 51 Consulte Mais informação »