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Companies That Had Their IPO in 2023: Cautious Optimism
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Birkenstock (BIRK) investor relations material
Birkenstock Investor Presentation summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Investor Presentation summary25 Sep, 2025
Unique value creation and brand fundamentals
250-year-old, purpose-driven brand with vertically integrated supply chain and high consumer loyalty; over 60% of consumers learn about the brand via word-of-mouth.
Manufactures all products in Germany and Portugal, sourcing materials mainly from Europe, ensuring quality and minimizing outsourcing risks.
Efficient marketing with ~90% of buyers acquired through unpaid channels.
Category ownership in footbed business, with iconic styles remaining relevant for over 50 years.
Financial performance and growth
Revenue CAGR of 20% since FY14, with FY25E revenue projected at €2,091 million.
Adjusted EBITDA CAGR of 24% since FY21, reaching €645 million LTM Q3 FY25.
FY24 revenue grew 22% vs. FY23 at constant currency; FY25 guidance targets 15-17% revenue growth and gross profit margin near 60%.
Q3 FY25 revenue up 12% (+16% at constant currency), gross profit margin at 60.5%, and adjusted EBITDA margin at 34.4%.
Rapid deleveraging since 2021, with net leverage reduced to ~1.5x by Sep-25E.
Distribution and channel strategy
Multi-channel global presence in over 80 countries, with ~6,000 B2B partners and 90 own retail stores as of Q3 FY25.
Retail fleet doubled since 2023; stores show strong productivity and drive a 65% increase in online traffic post-opening.
B2B growth is highly disciplined, with ~90% of growth from existing partners and top 10 strategic accounts outperforming others.
Membership program reached ~11 million, up 25% year-over-year, with members spending ~20% more than guests.
How to significantly grow China market share
Wittichenau acquisition's long-term impact
Maintain 'luxury scarcity' with growth
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Next Birkenstock earnings date
Q4 202518 Dec, 2025
Next Birkenstock earnings date
Q4 202518 Dec, 2025
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Company Research13 Sep 2023
Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Birkenstock, a name synonymous with comfortable and high quality sandals, has a rich history dating back over two and a half centuries. The brand's commitment to its heritage, innovative footbed technology, and comfortable footwear products have propelled it into a global powerhouse in its industry.
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Company Research26 Jun 2023
From Startup to Stardom: What is an IPO?
An Initial Public Offering (IPO) is a momentous event in the life of a company. From early-stage startups to mature businesses, the decision to go public through an IPO is a game-changer. But what does it really mean, and why is it crucial for investors to understand the mechanics of IPOs?
Frequently asked questions
Iconic Sandals
Birkenstock Holding is a German shoe manufacturer producing various forms of sandals and shoes. The corporate headquarters are in Neustadt, Rhineland-Palatinete, and nearly all of the production takes place in Germany, something that Birkenstock as a company takes great pride in. Birkenstock shoes are made with contoured cork footbeds that offer support for the foot while promoting a natural style of walking. While Birkenstock is primarily known for its different types of sandals, the company’s portfolio has a vast array of options for consumers spanning a wide price range. Its merchandise is sold worldwide, and its shares are traded on the NYSE.
The History
The Birkenstock history dates back to 1774, as church records mention a Birkenstock family member as a “parishioner and shoemaker.” However, the beginning of the modern form of the company was in the late 19th century when Konrad Birkenstock started producing insoles. A significant development came in 1902 with the introduction of contoured arch support. This became the basis for the "Birkenstock System," an orthopedic principle focused on the idea of "Naturgewolltes Gehen" or natural walking. This design, mimicking the feel of walking on natural surfaces, has since been a consistent feature in Birkenstock's shoe-making approach.
Further reading: Two And a Half Centuries of Sandal-Making: Birkenstock is Going Public
Sandals and More
Known primarily for their signature sandals, the company has developed a range of footwear products over the decades. Their design is distinguished by a contoured footbed made from cork, latex, and jute which molds to the wearer's foot over time, offering a customized fit. Birkenstocks also incorporate high-quality materials, such as leather, suede, and synthetic uppers, to ensure durability. In addition to its iconic sandals, the brand has expanded its product line to include closed-toe shoes, boots, and other varieties.
A Worldwide Reach
Birkenstock merchandise is sold all over the world. Its shoes can be found in retail locations run by other companies, as well as in stores that are completely owned and operated by Birkenstock itself. The company operates its own online store and also sells through third-party channels such as Zalando, Nordstrom, and similar retailers.
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