Birkenstock the latest shoe to drop in a tough IPO market
© Reuters. FILE PHOTO: A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch/File Photo - Sandal company Birkenstock needs to sell more clogs and boots and boost sales from its own website and boutiques to attract new shoppers amid a cost of living crisis, investors and analysts said before it lists on the New York Stock Exchange next week.
Still, Birkenstock has much else going for it - including the ability to stay popular decades since first becoming well-known as somewhat frumpy but comfortable sandals that complete a laidback, hippie look. A trend towards more casual dressing, turbo-charged by the COVID-19 pandemic, has kept them popular in recent years. Like its footwear counterpart), Birkenstock has been able to keep up with style trends and rebrand itself as a fashionable item worn by models and celebrities. Barbie, played by Margot Robbie, wore a pink pair of Birkenstocks in the final scene of the eponymous movie released this summer.
"They [Birkenstocks] tap very nicely into many strong structural changes in buying habits: health, comfort and sustainability," said Siobhan Gehin, senior partner at Roland Berger in London.
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