Frankfurt (AFP)
The L Catterton funds of the French group LVMH and Financière Agache of the Arnault family have acquired the majority of the famous German sandal manufacturer Birkenstock, in a transaction valued according to several media at 4 billion euros.
This is "the next logical step to achieve strong growth also in markets of the future like China and India", announced the German group in a press release, not revealing the financial terms of the transaction.
The two owners, Christian and Alex Birkenstock, see L Catterton and Financière Agache as partners "with the same strategic and long-term vision as the family".
The boss of the manufacturer Oliver Reichert for his part in an interview with the German business daily Handelsblatt "opportunities" because "the owner of LVMH Bernard Arnault plays a key role in the strategy of L Catterton".
"We will help Birkenstock to realize its great growth potential" said Bernard Arnault, quoted in a press release.
Birkenstock has already known several lives: from producer of orthopedic insoles dressing sandals with a rustic look, the shoemaker has now earned its place in fashion shows and at the feet of stars.
In the 2000s, the "ugliest sandal in the world", with its cork "foot bed" and chunky straps, shed its kitsch image, a vestige of hippie culture, and was adopted by connected.
The group has notably dusted off its collections, launching models in more cheerful colors and partnering with designer labels such as Paco Rabanne, Valentino or Céline who recently revisited the Birkenstock in a fur version (the "Furkenstock").
Courted by several investors, the heirs of Birkenstock, founded in 1774, chose L Catterton, a fund born in 2016 and based in the United States, which targets "accessible luxury" and already has brands such as Ba & sh, Pepe in its portfolio. jeans or Jott jackets.
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