Birkenstocks have gone from a hippie fashion choice to a wardrobe staple.
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Birkenstock plans to file an IPO in September.
The shoe brand, known for its comfortable cork-sole sandals, has gained popularity in recent years.
But it wasn't always known as a fashion staple. It was first worn in the US by hippies in the '60s and '70s.
Birkenstock, the shoe brand known for its comfortable cork-sole sandals, could go public as early as September.
Private equity firm L Catterton, which owns Birkenstock, announced that it plans to file an initial public offering that could value the German footwear company at more than $8 billion, Bloomberg first reported.
This would be one more feat in Birkenstock's nearly 250-year history, which began with a family-run business that manufactured insoles. Decades later, the company's orthopedic shoes became a viral fashion trend. Most recently, Birkenstock landed a big-screen moment in the "Barbie" movie.
Here's how the shoe went from "ugly" hippie sandal to coveted fashion statement.
Birkenstock's history goes as far back as 1774. Church records from the time identify a German cobbler named Johann Adam Birkenstock.
Johann Adam handed the trade down, and in 1896, great-great-grandson Konrad Birkenstock began manufacturing contoured insoles. Before that, insoles were usually flat.
As an orthopedic business, Birkenstock featured designs that were rooted in function over form. In 1932, Konrad's son Carl created a training program for podiatry and specialty footwear, which was touted by physicians as the 'Carl Birkenstock system.'
In 1963, Carl's son Karl Birkenstock introduced the company's first shoe, the Madrid, which was designed to be a fitness sandal with a deep, flexible footbed made from cork.
Birkenstock began selling its shoes in the US in 1966 after a German-American woman named Margot Fraser discovered them. She took them back to California and sold the shoes in health-food stores, where they appealed to counterculture youths.
Though it had its moments, Birkenstock remained not more than a hippie staple for decades. It had a brief moment as a subversive fashion statement in the '90s alongside grunge fashion.
Christian's ex-wife, Susanne, was credited with transforming the brand's image, then the company sued her for starting her own shoe brand under the Birkenstock family name.
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In 2012, the Birkenstock family gave up control and became a corporation, naming Markus Bensberg and Oliver Reichert as co-CEOs.
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That year, fashion designer Phoebe Philo covered a pair of sandals that looked like Birkenstocks with a mink lining, provoking newfound attention to the classic shoe as more brands copied the style.
In 2015, Birkenstock came out with its EVA sandals, a new take on its classic cork and leather styles, sold for about half the price. The shoes are made with a light, water-resistant synthetic material composed of ethylene-vinyl acetate.
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In 2018, Birkenstock made 25 million pairs of shoes and sales were estimated to have tripled since 2012 to $800 million.
Many luxury brands and designers have collaborated with Birkenstock to release limited-edition styles, like Valentino's logo sandals in 2019 and skate brand Stussy's corduroy clogs in 2020.
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In 2020, Birkenstock sales surged as more people ditched uncomfortable shoes early on in the pandemic. Lyst named the Arizona sandal the world's hottest shoe of the second quarter.
In 2021, private equity firm L Catterton bought Birkenstock in a deal that valued the company at $4.9 billion. L Catterton is backed by luxury conglomerate LVMH and has a history of investing in buzzy consumer brands like Peloton and Everlane.
In 2022, the Boston clog went viral on TikTok and sold out online after they were worn by celebrities like Kendall Jenner. They were in such high demand that some resellers charged double the retail price.
That year, the brand, whose shoes had long been derided as unattractive, released a three-part video campaign with the New York Times called "Ugly for a Reason" to inform customers about foot health.
T Brand via Birkenstock
Steve Job's old Birkenstocks sold at auction for more than $200,000.
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