09/13/2023
Yesterday, the $LVMH-backed iconic sandal-maker Birkenstock filed for IPO!
With a 250-year history and in the face copycats and Crox lovers, $BIRK's 20% revenue CAGR over the last eight years is very impressive.
Looking at profitability, Birkenstock actually has 60% gross margins, and its EBIT margins reached as high as 29% in FY22.
In 2021, Birkenstock was acquired by the private equity firm L Catterton for $4.3B. Together with Bernard Arnault's family holding company Groupe Arnault, LVMH owns 40% of the ~$30B firm.
The rumored valuation of ~$8B would imply an EBIT multiple somewhere around 20x, using the company's FY22 numbers.
Image credit: quarterapp
