Moderne Interpretation der Birkenstock-Sandale: symbolische Rolle in »Barbie«
Foto: Michael Eichhammer / IMAGO
The long-established sandal manufacturer Birkenstock is going public in the United States. The company, headquartered in Linz am Rhein in Rhineland-Palatinate, presented its prospectus for the stock market on Tuesday. Key details such as the volume of the share placement remained undisclosed for now. In July, financial news agency Bloomberg reported that Birkenstock could expect a total valuation of over eight billion dollars.
According to the company, Birkenstock’s origins date back to 1774. Nearly 250 years ago, shoemaker Johannes Birkenstock laid the foundation for a „dynasty of shoemakers.“ The company refers to itself as the „inventor of the footbed.“
Since 2021, the main owner of Birkenstock is the investment company L Catterton, which is associated with the luxury conglomerate LVMH (including Louis Vuitton, Christian Dior) and its billionaire CEO Bernard Arnault. L Catterton will retain control over Birkenstock after the IPO. The company will be listed on the New York Stock Exchange (NYSE) under the symbol „BIRK“.
Weg vom Ökolatschen-Image
The sandals have long shed their former eco-slipper image and in recent years have become more of a fashion accessory, thanks to collaborations with luxury brands like Dior and Manolo Blahnik. Celebrities showcasing the sandals and the company’s marketing efforts have contributed to this transformation. As evidence, last year a pair of worn Birkenstock sandals belonging to Apple co-founder Steve Jobs were sold at auction for over $218,000.
Zuletzt tauchten Birkenstocks in einer symbolischen Rolle im erfolgreichen »Barbie«-Film auf. Dort muss sich Barbie erst zwischen der künstlichen Barbie-Welt und der echten, menschlichen Welt entscheiden und dafür zwischen pinken Pumps und braunen Birkenstock-Sandalen wählen. Später ist sie in pinken Birkenstocks zu sehen. »Hervorragendes Product Placement«, lobt Martin Fassnacht, Marketing- und Strategie-Professor an der WHU Otto Beisheim School of Management. »Grandios, besser kann man es nicht machen.«
Even in times of globalization, Birkenstock remains committed to Germany as a location. In the past fiscal year, the entire footbed production took place in German factories, and 95 percent of the finished products also originated from here. In Portugal, there is an additional component manufacturing facility.
Wie oft bei Börsengängen erfährt man aus dem Prospekt mehr über das Geschäft. Im Ende März abgeschlossenen ersten Halbjahr des laufenden Geschäftsjahres steigerte Birkenstock den Umsatz um 18,7 Prozent auf rund 644,2 Millionen Euro. Unterm Strich blieb ein Gewinn von 40,2 Millionen Euro in den Büchern, nach rund 73,5 Millionen Euro ein Jahr zuvor. Der Rückgang ging vor allem auf ungünstige Wechselkurse zurück. Das vergangene Geschäftsjahr beendete Birkenstock mit 1,24 Milliarden Euro Umsatz und 187 Millionen Euro Gewinn.
Nord- und Südamerika sind die wichtigste Region mit einem Anteil von 54 Prozent im vergangenen Geschäftsjahr, gefolgt von Europa mit 36 Prozent. Frauen machen 72 Prozent der Kundschaft aus. Den Anteil des Direktvertriebs am Umsatz steigerte Birkenstock von 18 Prozent im Jahr 2018 auf zuletzt 38 Prozent. Das erfolgreichste Design ist das 1973 eingeführte Modell Arizona.
In der obligatorischen Auflistung der Risiken verweist Birkenstock unter anderem auf Gefahren für das Ansehen der Marke durch im Internet verkaufte Fälschungen sowie ähnlich aussehende Schuhe der Eigenmarken von Handelskonzernen. Einige Designs von Birkenstock seien nicht geschützt.
The leadership of the company changed hands for the first time in 2013 to two managers, Markus Bensberg and Oliver Reichert. The partnership with L Catterton in 2021 has already brought Birkenstock more growth, emphasizes Fassnacht. „They understand how to manage luxury brands, which brings in money and expertise.“
The family remained involved in the company. „This naturally means that the DNA and soul of the brand can continue to live on,“ Fassnacht concludes. According to the expert, the changes in the fashion world also contribute to the success of sandals. „The entire fashion industry is becoming more casual. People want to feel more comfortable,“ he says. „Sometimes it’s a leather shoe or a pump, and sometimes it’s a Birkenstock, even for high-profile events. This has made Birkenstock more socially acceptable.“
Absatzmärkte in China, Indien und Brasilien
The company now sells not only shoes but also beds and natural cosmetics. As of June 30th, Birkenstock employed approximately 6,200 staff members, with about 4,800 in full-time positions. Women comprise 56 percent of the workforce.
Fassnacht recognizes growth potential primarily outside of Europe. „China, India, Brazil, these are large markets.“ The IPO could assist in raising funds for expansion in those regions. „Distribution structures and customer preferences are different in China and Brazil. That already entails significant costs.“