Barbie link fails to sparkle for Birkenstock as shares fall 11% on US market debut

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The 250-year old company had a proud but largely inconspicuous history internationally until a movie suddenly thrust it into a pink spotlight.

Footwear specialist Birkenstock, arguably made internationally famous by the recent Barbie movie, has seen its shares flop on their US market debut. Birkenstock's Initial Public Offering saw shares open 11% down on the $46 a share offer price - middle of the range anticipated. The plunge ahead of trading marked a lukewarm reception for the German firm, whose roots can be traced back to 1774.

It will continue to have a holding of around 82%. The stake sale raised almost $1.5bn. Read more from Sky News:BA suspends Tel Aviv flights after Hamas said it attacked airportNext lines up £100m FatFace in latest high street takeover deal Recent IPO success stories include that of Arm, the UK-based chip designer, but market experts said it had been common recently for investors to wait until after a flotation to dip their toes, given the current market difficulties.

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