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High Point (NC), U.S.
24 April, 2021 -
The German footwear brand has reached an agreement to sell a majority stake to consumer-focussed private equity firm L Catterton and its affiliates, including Financière Agache, the family investment company of Bernard Arnault, LVMH’s Chairman and CEO.
The details of the agreement and the acquisition price have not been disclosed due to confidentiality agreements between all parties, and the transaction is subject to the usual antitrust audits. According to Birkenstock, the transaction will facilitate its further strong growth in future growth markets such as China and India and help expand its marketing position in Europe and America by investing in the German sites and expanding production, logistics and sales operations. The company also plans to invest in the further development of its direct-to-consumer business and the expansion of its e-commerce platforms.
“The move comes at a time when the long-established German company is performing better than ever before in its 250-year history. While many companies in the sector have suffered during the Corona crisis, Birkenstock recently reported another record year”, said L Catterton, adding that, in order to accommodate the strong growth, the Birkenstock CEOs recently launched a comprehensive investment offensive that includes expanding production capacity at the world's largest manufacturing site in Görlitz and strengthening all of the other production sites in Germany.