The arrival at the New York Stock Exchange last October marked a fiasco for Birkenstock. But how has the stock been performing since then and what predictions do experts make for the company, which is known for the iconic sandal, for the year 2024?

Birkenstock, one of the most well-known German brands worldwide, has its headquarters in Linz am Rhein, Rhineland-Palatinate. According to company information, the shoe manufacturer dynasty dates back to the year 1774. The company proudly presents itself as the "inventor of the footbed" and emphasizes that 95 percent of its products are made in Germany, while only components are manufactured in Portugal.

Over time, Birkenstock has evolved from its original image as an eco-sandal to a fashion statement. Last summer, the company caused a stir when the main character in the film "Barbie" temporarily wore sandals from the German manufacturer. In addition to their famous shoes, Birkenstock has also introduced sleep systems and certified natural cosmetics, further developing their principle of "natural walking".

In July 2023, the first news about a possible Birkenstock IPO became known. In September of the same year, Birkenstock finally submitted the prospectus to the US Securities and Exchange Commission (SEC).

The plan was for the investment company L Catterton, which is connected, among other things, to the luxury conglomerate LVMH and its billionaire CEO Bernard Arnault, to retain control of Birkenstock after its initial public offering on the New York Stock Exchange NYSE.

Experts explained that the reason for an IPO in New York instead of Frankfurt was the high demand in the USA, which was boosted, among other things, by the movie "Barbie".

Finally, on October 11, 2023, the step onto the New York Stock Exchange followed. However, the IPO ended in a fiasco as the shares were traded 13 percent below the offering price of $46. In total, 32,258,064 shares were issued, resulting in the company generating a total of $1.5 billion and being valued at $8.6 billion.

Even the second trading day showed no improvement as the stock fell by another 6.57 percent. Prior to the IPO, analysts expressed concerns and warned of an overvaluation. In hindsight, they attempted to explain the debacle and referred to a possible overestimation of demand from Birkenstock and the difficult climate for fashion IPOs due to economic concerns and tighter consumer budgets.

Nevertheless, Birkenstock remains a profitable and established company that has been generating profits for many years. In the first half of fiscal year 2023, the company was able to increase its revenue by 18.7 percent, while the profit declined due to unfavorable exchange rates. However, in November, the stock received predominantly positive reviews from analysts who praised the strong management team and the diverse growth potential of the company.

Despite the disappointing IPO, the Birkenstock stock rose above the issue price of $46 for the first time at the end of November 2023. So, the future of the company behind the iconic sandal seems to continue to be exciting.