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Birkenstock billionaire brothers bank $5b on buyout bet as shares flop

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Birkenstock’s ubiquitous leather sandals have helped the German family behind the brand build one of the biggest footwear fortunes on the planet.

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Birkenstock’s seemingly ubiquitous leather sandals have helped the German family behind the brand build one of the biggest footwear fortunes on the planet.brothers Alex and Christian Birkenstock

Wave your sandals: Birkenstock CEO Oliver Reichert, second from right, rings the New York Stock Exchange opening bell, prior to the shoemaker’s trading debut.Still, it was a significant payoff for the German cobbler heirs’ bet to hand over majority control of the historic shoemaker to private equity firm L Catterton in 2021. Christian has notched a return of more than 100 per cent on the minority stake he retained. Alex is no longer listed as a shareholder.

Traders on the floor of the New York Stock Exchange wear Birkenstock sandals during the company’s IPO.The Birkenstock dynasty started nearly 250 years ago with Johannes and Johann Adam, shoemakers in Langen-Bergheim, a small village around 40 kilometres northeast of Frankfurt. Johannes’ descendants continued the family tradition, transforming their footwear into its recognisable modern form when Karl Birkenstock introduced the first model of the company’s famed sandal in 1963.

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