German sandal maker Birkenstock announced on Wednesday it has priced a $756 million secondary offering by an entity affiliated with L Catterton at $54 per share. U.S. private equity firm L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH, is reducing its stake from 81.1% to 73.2%.
Birkenstock is not selling any shares in this offering and will not receive any proceeds from the sale by L Catterton, according to a statement from the footwear brand. In May, Birkenstock raised its annual revenue and core profit forecasts, driven by strong demand for its cork-based sandals and newer closed-toe styles, primarily sold at its own stores.