14 Sep 2023

Yesterday, the $LVMH-backed iconic sandal-maker Birkenstock filed for its NYSE IPO!

With a 250-year history and a product that has been cheaply imitated for decades, $BIRK's 20% revenue CAGR over the last eight years is very impressive. Looking at profitability, Birkenstock actually has 60% gross margins, and its EBIT margins reached as high as 29% in FY22. In 2021, Birkenstock was acquired by the private equity firm L Catterton for $4.3B. Together with Bernard Arnault's family holding company Groupe Arnault, LVMH owns 40% of the ~$30B firm. The rumored valuation of ~$8B would imply an EBIT multiple somewhere around 20x, using the company's FY22 numbers. Source: Quartr


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