Leidi.com Lei Jianping September 13
Birkenstock, the "ugly shoe" shoe manufacturing company, recently submitted a prospectus and is preparing to be listed on the New York Stock Exchange, with the stock code: "BIRK".
Birkenstock’s core shareholder is L Catterton, an American private equity firm, which is preparing to list Birkenstock on the U.S. stock market with a valuation of more than $8 billion.
Birkenstock's competitors include Crocs, the super popular flip-flops/fitflop, etc. The existence of these brands has made sandals fashionable.
It is a century-old brand and Steve Jobs was also a user.
Birkenstock is a German sandal brand with a history of more than 200 years. Although it is now an affordable must-have shoe in the eyes of fashionable people, it was originally produced specifically for royal shoes for kings and ministers.
The founder of the brand is named "Johann Adam Birkenstock". In 1897, Johann's grandson Konrad Birkenstock came up with an idea: the soles of ordinary people's feet have curves, but it is strange that the inner cage of shoes is often flat. If shoes can closely follow the curve of the human foot, they will be very comfortable, so he invented insoles that closely follow the lines of the soles of the feet, which are widely used by shoemakers.
In 1902, he designed "flexible arch support" and added it to mass-produced shoes. This kind of shoes with special soles has been successfully sold throughout the country.
In 1913, Konrad Birkenstock collaborated with medicine and promoted the issue of healthy shoes.
In addition to double-button sandals, single-button sandals, flip-flops, toe-cap slippers and other categories, Birkenstock also includes children's shoes and professional shoes, as well as special products for the orthopedic industry, socks, bags and belts. In 2017, BIRKENSTOCK added sleep systems and natural beauty products (BIRKENSTOCK NATURAL SKIN CARE) to its product portfolio.
The most distinctive feature of Birkenstock is the sole - the cork leftover from making wine bottle stoppers is purchased, ground into pieces, mixed with natural latex, and pressed into the famous cork shoe body.
Steve Jobs also wore Birkenstock when he founded Apple. After Jobs's death, a pair of Birkenstock slippers from the 1970s that he wore were auctioned for US$218,000 (approximately 1.59 million yuan).
The shoes were picked out of the trash by Steve Jobs' former house manager Mark Sheff. The auction house's auction listing explains the shoes in detail: "The footbed, made of cork and jute, retains Steve Jobs's footprints, a sign of years of use."
Annual revenue of 1.243 billion euros
The prospectus shows that in the fiscal year ending September 30, 2022, Birkenstock’s revenue was 1.243 billion euros, compared with 463 million euros in the same period last year; net profit was 187 million euros, and its net loss in the same period last year was 17.21 million euros. .
For the half year ended March 31, 2023, Birkenstock's revenue was 644 million euros, compared with US$543 million in the same period last year; gross profit was 389 million euros, compared with 306 million euros in the same period last year; net profit was 40.21 million euros, compared with revenue of 73.5 million euros in the same period last year.
For the half year ending March 31, 2023, Birkenstock Adjusted EBITDA was 224 million euros, compared with 204 million euros for the same period last year; for the fiscal year ending September 30, 2022, Birkenstock Adjusted EBITDA was 434 million euros.
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