German shoe manufacturer Birkenstock, known for producing foot-friendly sandals, has filed for an initial public offering (IPO) in the United States. This marks the second major European company to choose a U.S. listing over Europe just in September.
In the first six months of this year, Birkenstock saw a 19 percent increase in revenue to €644.2 million. However, its profit declined by 45.3 percent to €40.2 million. Details regarding the IPO have not been disclosed at this time.
The sandal giant is majority-owned by L Catterton, a venture capital firm backed by LVMH, but it is also co-owned by the Birkenstock family. The company has a long history dating back to 1774.