On the anniversary of its botched stock market debut in the US, sandal manufacturer Birkenstock can now show a positive share price. Shares closed on Thursday at just under 50 US dollars. That is above the issue price of 46 US dollars - and above all significantly above the interim lows of around 36 US dollars.

Birkenstock had already set the issue price in October 2023 rather conservatively in the middle of the previously set range of 44 to 49 US dollars. But even that was too much for investors. After the initial decline, the price recovered over the course of this year to more than 60 US dollars in August. But then quarterly figures disappointed analysts' high expectations

The Birkenstock share placement brought in almost 1.5 billion US dollars. Around two thirds of this went to the main owner L Catterton, who is linked to the luxury group LVMH and its billionaire boss Bernard Arnault. Birkenstock used its share of the proceeds from the IPO to reduce debt. After the weak stock market launch, company boss Oliver Reichert emphasised that Birkenstock was focused on sustainable long-term growth. L Catterton retained control even after the IPO.

The origins of Birkenstock, with headquarters in Linz am Rhein in Rhineland-Palatinate, date back to 1774. Almost 250 years ago, Johannes Birkenstock laid the foundation for "a shoemaker dynasty," according to the company. The company describes itself as the "inventor of the footbed." (DPA)

This article originally appeared on FashionUnited.DE. It was translated to English using an AI tool called Genesis and edited by Rachel Douglass..