How Birkenstock Became a Luxury Target
The brand responsible for fashion’s original ugly shoe might soon be receiving some luxury pampering if everything goes well. There is news that L Catterton, the private equity firm is now looking to acquire Birkenstock. The private equity firm’s shareholder list includes some fancy names such as the LVMH and Groupe Arnault, the family holding company of LVMH chairman Bernard Arnault. On Sunday Bloomberg broke out the news that the firm was leading the race ahead of CVC Capital Partners to buy the German footwear company, valued close to $5 billion. The following day, WWD stated that the conversation had become more exclusive and that LVMH was considering it as a small investment opportunity.
The pandemic has played a huge role in bringing a shift in the current trends among the fashion industries. Casualization, comfort and convenience are the topmost priority amongst fashion enthusiasts around the world.
The trend is more evident in the footwear industry. Apparently global shoe sales have seen a dip of almost 20% to $286 billion the previous year, as per Euromonitor international. There are expectations for the market to bounce back this year but the same cannot be said for the sales as they are expected to remain far below 2019. However the grass does seem greener on the side of comfort-driven brands.
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