L Catterton, the US-French private equity firm, agreed to buy the German company Birkenstock, known for its sandals, because through its spokespersons it was announced that it will sell a majority stake to the private finance company and its subsidiaries, including Financière Agache, the French billionaire’s family investment company Bernard Arnault, owner of the luxury conglomerate LVMH Moët Hennessy – Louis Vuitton SE.
“Our platform and global network will provide Birkenstock not only with new opportunities, but with the resources to support the continued growth of the brand and the business,” Michael Chu, co-CEO of L Catterton, was quoted as saying, “according to reports from the newspaper.” The country”.
(Class)
The same media announced that the founders of the brand, Christian and Alex Birkenstock, will retain a stake in the company. Birkenstock did not disclose the amount or other details of the transaction due to confidentiality agreements between the Birkenstock Group and the other parties. He said the Birkenstock brothers will retain a stake and that the transaction is “subject to customary antitrust audits,” according to the AP news agency.
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Birkenstock, which dates back to 1774 and has plants in various parts of Germany, employs about 3,000 people. The family business said that the addition of new shareholders “is the next logical step for Birkenstock to strengthen its growth in future markets such as China and India.”
(AFP)
The company said it plans to invest in developing its direct-to-consumer sales business and expanding its online sales platforms. Chief Executive Officer Oliver Reichert said “We enter this partnership with our two family business traditions and our commitment to our roots and our employees as the most important thing.”
(Class)
Read also: This is the amazing Birkinstock sandals, made with pieces of Birkin bags
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