Birkenstock drops after L Catterton's $1 bln share offload

Birkenstock Holding

14/08/2026 12:22

** Shares of German sandal maker Birkenstock BIRK.N down 3.7% at $39.50 before the bell on Fri following pricing of $1 bln secondary offering
** BIRK late Thurs announced ~25.5 mln shares sold by private equity firm L Catterton at $39.35
** Offering price represents 4% discount to stock's last sale
** BIRK to concurrently repurchase ~12.8 mln shares, worth roughly $500 mln, from underwriter JP Morgan 
** Prior to offering, L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, owned ~99.4 mln shares for ~54% stake, per LSEG data
** Arnault owns ~10.4 mln BIRK shares for 5.6% stake, through his family office, Financière Agache
** BIRK shares jumped nearly 12% on Thurs after it raised annual rev outlook on strong demand; shares up fractionally YTD
** 17 of 22 analysts rate the shares "strong buy" or "buy", 5 "hold"; median PT $51

(Lance Tupper is a Reuters market analyst. The views expressed are his own)
((lance.tupper@tr.com 1-646-279-6380))