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

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NEW YORK (AP) — Birkenstock shares are stumbling in their debut on the stock market as Wall Street trades in its wingtips for sandals for a day.

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.”

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