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☆ Amazon aggregators Branded and Heyday plan to merge as once-booming industry continues to shrink
▼ + stars: | 2024-08-26 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +3 min

Amazon aggregators Branded and Heyday plan to merge, CNBC has learned, as a segment of the e-commerce industry that boomed during the Covid era continues to consolidate. The new name will be officially rolled out in the coming days, and the combined companies are expected to generate annual revenue of $400 million, Rymarz wrote. Heyday and Branded are part of the crowded and turbulent market of Amazon seller aggregators. Prior to the deal with Paris-based Branded, Heyday explored a possible tie-up with Dragonfly, whose backers include L Catterton, before the talks fell apart, CNBC previously reported. WATCH: What's behind the hype and billion-dollar aggregators buying Amazon sellers

Persons: Sebastian Rymarz, Rymarz, Aggregators, Jared Kushner's, highflier Thrasio, aggregators Organizations: CNBC, Apollo Global Management, BlackRock, Bloomberg, Companies, Jared Kushner's Affinity Partners Locations: New York, Silicon Valley, BlackRock, Paris

☆ Mattel CEO sidesteps takeover report, says he's confident in toymaker's strategy as 'standalone company'
▼ + stars: | 2024-07-23 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

In a Tuesday interview with CNBC's Jim Cramer, Mattel CEO Ynon Kreiz didn't address a reported takeover offer, and instead said he's positive about the Barbie maker's success as its own company. "What I can say is that we're very confident in Mattel's strategy and our ability to create long-term shareholder value as a standalone company." Despite the monster success of the Barbie movie last summer, Mattel's share price has declined over the past several months. But Kreiz said he was confident in the Barbie brand, saying Mattel's share price doesn't "reflect the success we've had to date" or "future potential." "So we are well-positioned to build on this multi-year trajectory, and continue to execute our strategy, and expect the share price to reflect this over time."

Persons: CNBC's Jim Cramer, Ynon Kreiz, Barbie, Kreiz, we've Organizations: Mattel, Reuters, Hasbro, Management, billings

☆ Stocks making the biggest moves midday: Ryanair, CrowdStrike, IQVIA Holdings and more
▼ + stars: | 2024-07-22 | by ( Sean Conlon | ) www.cnbc.com time to read: +3 min

Check out the companies making headlines in midday trading: Ryanair — Shares fell 16% after the budget airline reported weaker-than-expected fiscal first-quarter earnings . CrowdStrike — The cybersecurity stock plunged 12% as investors fully digested Friday's massive outage , which resulted in thousands of canceled flights. IQVIA Holdings — The stock jumped more than 6% after the health tech company's earnings beat expectations for the second quarter. In the second quarter, the company reported sales of $32.8 billion, below the $33.05 billion FactSet consensus estimate. Mattel — Shares of the toymaker soared more than 11%.

Persons: CrowdStrike, FactSet, Tesla, Elon Musk, LPR, Xpeng, Catterton, —, Alex Harring, Hakyung Kim, Lisa Kailai Han, Darla Mercado Organizations: Ryanair —, Guggenheim, Holdings, Nvidia —, Reuters, Blackwell, Verizon —, —, EV, People's Bank of, Li Auto, Mattel —, Mattel, Semiconductor, — Investors, VanEck Semiconductor, KLA Corporation, ASML Locations: CrowdStrike, People's Bank of China, chipmakers

☆ Buyout firm L Catterton approaches Mattel with acquisition offer, Reuters sources say
▼ + stars: | 2024-07-22 | by ( ) www.cnbc.com time to read: +2 min

The logo of US toy company Mattel is seen at the 72nd toy fair (Spielwarenmesse) in Nuremberg, southern Germany, on February 2, 2023. L Catterton, the private equity firm backed by luxury goods giant LVMH, has approached Mattel , the toy maker behind Barbie and Hot Wheels, with an acquisition offer, people familiar with the matter said on Monday. Hasbro also declined to comment, while L Catterton did not respond to a request for comment. Mattel shares jumped 20% to $19.49 following the Reuters report of the approach, giving the toy maker a market value of $6.5 billion. L Catterton, which has $34 billion in assets under management, has made more than 250 investments in consumer brands since its launch in 1989, according to its website.

Persons: Barbie, Catterton, El, Price, L, Bernard Arnault Organizations: Mattel, Hasbro, Capital, Fisher, American Girl, LVMH Locations: Nuremberg, Germany, El Segundo , California, American

☆ Jared Kushner's post-White House deal-making included badly timed bet on Amazon aggregator
▼ + stars: | 2024-06-14 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +16 min

Kushner started Affinity in 2021, shortly after leaving his advisory role in the White House alongside his wife, Ivanka Trump. Neumann, who was ultimately ousted from WeWork by top SoftBank execs, introduced Kushner to Unybrands early the following year. Affinity's investment in Unybrands, which hasn't previously been reported, was one of the private equity firm's earliest deals. Following a continued slide, the company laid off roughly 10% of its staff in November 2022, according to people familiar with the matter. The House Oversight Committee launched an investigation into the investment in 2022, looking into whether Kushner's financial interests influenced Trump's foreign policy.

Persons: Jared Kushner, Alex Brandon, Kushner, Weeks, Ivanka Trump, Trump, Saudi Crown Prince Mohammed bin Salman, Jamal Khashoggi, WeWork, Adam Neumann, Neumann, Unybrands, hasn't, —, Catterton, Jason Somerville, Somerville, it's, didn't, headcount, Donald Trump, Gary Cohn, Crown Prince, Mohammed bin Salman, Jonathan Ernst, Crown Prince Mohammed bin Salman, Carolyn Maloney, Ron Wyden, Kushner didn't, Ulrich Kratz, Goldman Sachs, Kratz, Kushner's, Ian Brekke, Asad Naqvi, Bret Pearlman, Roger McNamee, Max Fink, Neumann's, Brekke, Naqvi, Pearlman, Fink, Shahar Azran, Eugen Miropolski, Robyn Laguette, Mark Goldfinger, Joe Biden, Lex, Jeff Bezos, Sam Altman, Ye, I've Organizations: U.S . Capitol, Capitol, Reuters, Affinity Partners, Companies, White House, Affinity, Saudi Crown, Unybrands, WeWork, CNBC, Amazon, BlackRock, Khosla Ventures, GW Partners, Saudi Arabia's Public Investment Fund, United Arab, Saudi Arabia's, Crown, Ritz Carlton Hotel, Saudi, Republicans, Crayhill Capital Management, Barclays, Goldman, Kushner, Investments II, Blackstone, Partners, Financial Services, CNBC it's, Israeli American Council, IAC, Getty, Kanye Locations: Washington, Amazon's, South Florida, Miami, Silicon Valley, Saudi, Saudi Arabia, Unybrands, United Arab Emirates, Qatar, Riyadh, Yemen, American, Austin , Texas, Gulf, Israel

Connected fitness company Hydrow, which Peloton once tried to buy, is growing sales and has acquired a majority stake in strength training company Speede Fitness as gymgoers move away from cardio exercises in favor of weights, the company told CNBC on Thursday. It said it acquired Speede Fitness so it can expand into strength training, one of the fastest-growing segments in fitness today. Hydrow's acquisition and sales growth come as Peloton, which is credited with creating the connected fitness market, struggles to turn around a slowing business. Hydrow's delivered unit sales for its connected rowing machine jumped 23% this year from the year-ago period. Peloton debuted its rowing machine, the Peloton Row, in September 2022, but has done little to advertise or highlight the $3,000 machine.

Persons: Hydrow, Bruce Smith, John Stellato, Smith, Travis Kelce, Justin Timberlake, Thomas Fitzgerald, Hydrow's Organizations: CNBC, Kansas City Chiefs

☆ Food startup Hungryroot uses AI to reduce waste, a major climate offender
▼ + stars: | 2024-05-07 | by ( Diana Olick | In Dianaolick | ) www.cnbc.com time to read: +2 min

Food waste is so prolific in the U.S. that roughly one-third of the amount produced ends up in landfills rather than stomachs. A recent study published in the journal Science found food production accounts for 26% of global greenhouse gas emissions. Food delivery services like HelloFresh, Blue Apron and EveryPlate reduce that somewhat by sending consumers what they need for specific recipes. The company says its processes help lead to 80% less food waste at its facilities compared with a traditional supermarket. In addition to Lightspeed, Hungryroot is backed by L Catterton, Crosslink Capital, Karp Reilly and Lerer Hippeau.

Persons: Ben McKean, Hungryroot, Jeremy Liew, They've, L, Karp Reilly, Lerer, Lisa Rizzolo Organizations: CNBC, Investors, Lightspeed Venture Partners, Crosslink Locations: U.S, York, Brussels

☆ Eat, sleep, live luxury: LVMH is building whole cityscapes centered on their designer stores
▼ + stars: | 2024-04-28 | by ( Hannah Getahun | ) www.businessinsider.com time to read: +5 min

Luxury powerhouse LVMH is investing billions in real estate, The Wall Street Journal reported. Michael Burke, head of LVMH Fashion Group, told the Journal, "We're creating a city." According to the Journal, the company spent $2.1 billion last year acquiring properties in Paris ahead of the Olympic games. Related storiesThe luxury brand is among several spending billions on luxury stores and experiences. Chanel and LVMH are also interested in purchasing properties on New York's Fifth Avenue and the Champs-Élysées in Paris, the Journal reported.

Persons: —, Louis Vuitton Moët Hennessy, Louis Vuitton, Frank Gehry, Michael Burke, we're, Burke, Bernard Arnault, Saint Laurent, Chanel, LVMH, Amar Sitayeb, Saint, Alan DeSousa Organizations: Street Journal, Service, Wall Street Journal, Dior, LVMH, Design, Miami Design District, Gucci, Montenapoleone, The New York Times, Times, Canada, Laurent, Global News, Business Locations: Paris, Pont Neuf, Miami, Montreal, Milan's, New, The, Marais

Birkenstock on Thursday beat holiday quarter revenue expectations, reporting a 26% year-on-year jump, as the German sandal company benefited from higher pricing and rising U.S. demand. Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% year-on-year to 81 million euros, with an adjusted EBITDA margin of 26.9%, down from 29.1% a year earlier. "However, in the medium-term, we are confident we will continue to deliver our objectives of a gross profit margin over 60% and an adjusted EBITDA margin in the low thirties percent." Within a few years, its sales nearly doubled and its market cap is now around $9.7 billion, double its 2021 valuation of $4.85 billion. Since going public, Birkenstock has used some of its proceeds to pay down debt.

Persons: Oliver Reichert, Reichert, Armour, Birkenstock, Johann Adam Birkenstock Organizations: LSEG, New York Stock Exchange, Nike, Catterton Locations: North America, Birkenstock

NEW YORK, Nov 29 (Reuters) - Shares of German sandal maker Birkenstock (BIRK.N) extended their gains on Wednesday, hitting the initial public offering price for the first time, following a buoyant holiday shopping season. The company's shares opened at $41 on Oct. 11 and have traded below the IPO price of $46 and dropped to as low as $35.83 just days after listing. The median price target of the 17 analysts covering Birkenstock is $47.21 and the current recommendation is "buy", according to LSEG data. Birkenstock is heavily shorted, with 5.71 million shares worth roughly $259 million having short interest, according to data and analytics firm Ortex. About 32.3 million shares were sold on the IPO.

Persons: Bernard Arnault, Louis Vuitton Moet Hennessy, Chibuike Oguh, Medha Singh, Lance Tupper, Lisa Shumaker Organizations: Birkenstock, Arm Holdings, U.S, Thomson Locations: Birkenstock, French, New York, Bengaluru

☆ Where are they now: The many fascinating Bridgewater employees from the book on Ray Dalio 'The Fund'
▼ + stars: | 2023-11-16 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +17 min

The new book, "The Fund: Ray Dalio, Bridgewater Associates, and the Unraveling of a Wall Street Legend" — which Dalio and his lawyers have pushed back against — describes everything from Bridgewater's investment process to internal grudges and backstabbing to allegations of sexual harassment. Here are the places where the dozens of Bridgewater employees and consultants named in the book ended up. Dalio, the book said, wrote into the firm's bylaws that he could never hold that title again. Before that, she was the head of investment research and a co-chief investment officer for sustainability. He's worked at different funds since leaving in 2006, including Larch Lane Advisors and Bonaccord Capital as an investor and business-development professional.

Persons: Rob Copeland's, Ray Dalio, Dalio, —, Bridgewater, Greg Jensen, YouTube Dalio, nixed, Copeland, He's, Jensen, Eileen Murray, Morgan Stanley, David McCormick, Dina Powell, McCormick, Dave McCormick, Michael M, Nir Bar Dea, Stefanova, Dalio's, Paul McDowell, Bob Eichinger, McDowell, Eichinger, Jen Healy, Osman Nalbantoglu, Matthew Granade, Steve Cohen, Steve Cohen's Point72, Bob Prince, politicking, Karen Karniol, Bridgewater Associates Karen Karniol, Vladimir Putin, Bob Elliott, Elliott, James Comey, Winn McNamee, Barack Obama, Donald Trump, Hillary, Britt Harris, Bridgewater's, Julian Mack, L, Michael Partington, Spencer Stuart, Niko Canner, Jon Rubinstein, Beck Diefenbach Jon Rubinstein, Steve Jobs, Tom Adams, Rosetta Stone, J, Michael Cline, Cline, Kevin Campbell, Campbell, Craig Mundie, Bill Gates, Gates, Mundie, Bill Clinton, George W, Bush, David Ferrucci, IBM's Watson, Ferrucci, Keith Alexander, Alexander, Larry Culp, Culp, Jamie Gorelick, conscientiously, Clinton, Jared Kushner, Jesse Horwitz, Comey, Horwitz, Samantha Holland, Perry Poulos, Murray, Joe Sweet, Tara Arnold, Arnold —, Leah Guggenheimer, She's, Charles Korchinski, Harris, Kent Kuran Organizations: New York Times, Bridgewater Associates, Business, Bridgewater, YouTube, HSBC, Broadridge, Life Insurance, Wells, Treasury Department, Republican, Getty, GOP, Israel Defense Forces, Marto, Princeton University, McKinsey, Point72, Bridgewater didn't, Domino Data, CircleUp, FBI, Trump, of, University of Texas Investment Management Co, Apple, Dalio, Health, Cognition, Mundie, National Security Agency, Amazon, General Electric, Boston Globe, Electric, Trump White House, Harvard Law School, —, Hubble, Stefanova's Marto, HBR Consulting, MIO Partners, Burford, Larch Lane Advisors, Bonaccord, Eaton Partners, Stanford, NextEra Energy Resources Locations: Bridgewater, Connecticut, Pennsylvania, China, San Francisco, of Texas, Atlanta, WilmerHale, Asia, India, Shanghai, Singapore, Israel, Africa

Bain has been interviewing investment banks to hire financial advisers that will help the private equity firm come up with a plan to cash out on its majority stake in Varsity Brands, the sources said. Varsity Brands generates more than $400 million in 12-month earnings before interest, taxes, depreciation and amortization, the sources added, asking not to be identified because the matter is confidential. Varsity Brands and Bain declined to comment. Varsity Brands consists of two main businesses, BSN SPORTS and Varsity Spirit. Varsity kept the yearbooks business when it sold Herff Jones to private equity firm Atlas Holdings earlier this year.

Persons: Kim Kyung, Bain, Varsity's Herff Jones, Herff Jones, Catterton, Abigail Summerville, Nick Zieminski Organizations: Bain Capital, REUTERS, Varsity Brands, BSN SPORTS, Spirit, Nike, Varsity, Atlas Holdings, Bain, Charlesbank Capital Partners, Partners Group, Birkenstock, ACON Investments, Kelso, Co, Equity, Thomson Locations: Tokyo, Japan, U.S, Varsity's, New York, Augusta

☆ Birkenstock's stock loses footing in second day on Wall Street
▼ + stars: | 2023-10-12 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Toby Melville/ File Photo Acquire Licensing RightsOct 12 (Reuters) - Shares of Birkenstock (BIRK.N) dropped 6% on Thursday, deepening losses after the German luxury sandal seller stumbled the day before in its Wall Street debut. In its first session on Wall Street on Wednesday, Birkenstock tumbled over 12% from the $46 price set in its initial public offer, raising $1.48 billion. Last trading at about $37.79 on Thursday, the stock has now dropped 18% from its IPO price. The second-day drop in Birkenstock shares was deeper than a broad Wall Street sell-off, with the S&P 500 (.SOX) last down about 1%. Arm on Thursday slumped 5.2% to $51.70, just above its $51 IPO price on Sept. 13, while Instacart was down 1.7% at $24.52, well below its $30 IPO price on Sept. 18.

Persons: Toby Melville, Birkenstock, Instacart, Bernard Arnault, Louis Vuitton Moet Hennessy, Javier Gonzalez Lastra, Noel Randewich, Lance Tupper, Jonathan Oatis Organizations: REUTERS, SOX, Arm Holdings, Thomson Locations: London, Britain, U.S, French, Tema

☆ The Birkenstock brothers are worth $3.4 billion, even after the shoemaker's shares tanked at its IPO
▼ + stars: | 2023-10-12 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Two heirs of Birkenstock are now worth $3.4 billion after the company's IPO, Bloomberg reported. Birkenstock listed in New York on Wednesday, but shares opened at 11% below their offer price. AdvertisementAdvertisementTwo of the heirs of German sandal maker Birkenstock are now worth a combined $3.4 billion after the company went public, Bloomberg reported. The nearly 250-year-old company listed on the New York Stock Exchange via an IPO, trading under the ticker "BIRK" and pushing up the fortunes of Alex and Christian Birkenstock. The brothers netted more than €3 billion ($3.2 billion) from that transaction, Bloomberg reported.

Persons: Birkenstock, —, Alex, Christian Birkenstock, Christian, Stephan, Karl Birkenstock, Alex Birkenstock, Bernard, Alexandre Arnault, Charles Dolan, Kendall Jenner, Barbie, boomers, Xers, Gen Zers, Greta Gerwig's, Emma Chamberlain Organizations: Bloomberg, Service, New York Stock Exchange, Warner Bros Locations: New York, Germany, Americas, Europe ., Boston, Barbieland

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Based on the low end of the range, Birkenstock could be valued at as low as $8.5 billion. Their shares have, however, given up gains since going public, muddying the outlook for the IPO market. As of Tuesday's close, Instacart shares were 10% below their IPO price. The company had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30.

Persons: Fabrizio Bensch, Bernard Arnault, Louis Vuitton Moet Hennessy, Susannah Streeter, Hargreaves Lansdown, Margot Robbie, Barbie, Tommy Tranfo, Tranfo, Birkenstock, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Arm Holdings, Hargreaves, Reuters, Reuters Graphics, Thomson Locations: Berlin, Germany, French, Langen, Bengaluru

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. The company's IPO raised $1.48 billion after its 32.3 million shares were conservatively priced at $46 apiece, positioning the 250-year-old brand for a smooth market debut. "Arguably, this should position Birkenstock more favorably in an environment where real interest rates are high and still rising. Birkenstock had disclosed a 21% jump in revenue to 1.12 billion euros ($1.19 billion) for the nine-month period ended June 30. The brand has partnerships deal with luxury fashion brands, including Dior, Stüssy, Manolo Blahnik and Rick Owens.

Persons: Fabrizio Bensch, Susannah Streeter, Hargreaves Lansdown, Birkenstock, Javier Gonzalez Lastra, France's Bernard Arnault, Louis Vuitton Moet Hennessy, Margot Robbie, Barbie, Michael Ashley Schulman, Tommy Tranfo, Tranfo, Dior, Stüssy, Manolo Blahnik, Rick Owens, Manya Saini, Niket, Anil D'Silva Organizations: REUTERS, New York Stock Exchange, Hargreaves, Arm Holdings, Tema, Reuters Graphics, Running, Capital Advisors, Thomson Locations: Berlin, Germany, Langen, Bengaluru

☆ Birkenstock IPO gets predictable shoeing
▼ + stars: | 2023-10-11 | by ( ) www.reuters.com time to read: +2 min

A sign is illuminated at the entrance to a Birkenstock shoe store in London, Britain, October 11, 2023. REUTERS/Toby Melville Acquire Licensing RightsNEW YORK, Oct 11 (Reuters Breakingviews) - Birkenstock’s (BIRK.N) IPO is a flop. The Birkenstock enterprise was gunning for a multiple of 19 times EBITDA, well above that of Europe's luxury conglomerates. And if the first-day stock woes stick, a suitor might soon walk all over Birkenstock. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Toby Melville, L, gunning, Oliver Reichert don’t, Bernard Arnault, Pamela Barbaglia, Jeffrey Goldfarb, Sharon Lam Organizations: REUTERS, Reuters, Tech, Compagnie Financiere, X, Qantas, Thomson Locations: London, Britain, United States, Europe, New York, Brussels

☆ Birkenstock slides more than 12% in stock market debut after opening at $41 per share
▼ + stars: | 2023-10-11 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +1 min

A Birkenstock banner hangs outside the New York Stock Exchange (NYSE) in New York on October 11, 2023, as Birkenstock launches an Initial Public Offering (IPO). Shares of Birkenstock slid more than 12% in their debut on the New York Stock Exchange on Wednesday. The German shoe brand's stock closed at $40.20 per share, down from its opening trade of $41 per share, giving it a market value of $7.55 billion. The stock's opening price came in lower than its initial price of $46 set Tuesday, which was just shy of the midpoint of its expected range of $44 to $49 per share. The company's market debut comes nearly 250 years after it was founded by German cobbler Johann Adam Birkenstock.

Persons: Birkenstock, Johann Adam Birkenstock, Oliver Reichert, Reichert Organizations: New York Stock Exchange, Catterton Locations: New York

☆ Birkenstock belongs to be public, and that's been the intent all along, says L Catterton's Thukral
▼ + stars: | 2023-10-11 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBirkenstock belongs to be public, and that's been the intent all along, says L Catterton's ThukralNikhil Thukral, L Catterton managing partner, joins 'Squawk on the Street' to discuss what changes Thukral made that drove the upside in Birkenstock's valuation, why Birkenstock was determined to go public now, and more.

Persons: that's, Nikhil Thukral, Thukral, Birkenstock

REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsNEW YORK, Oct 10 (Reuters) - German premium footwear maker Birkenstock Holding (BIRK.N) priced its U.S. initial public offering (IPO) at the middle of its indicated price range at $46 per share, the company said on Tuesday. While shares of Arm and Klaviyo still trade above their IPO price, Instacart's stock is now worth less than its IPO value. Birkenstock was founded in 1774 in the German village of Langen-Bergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers. After the IPO, L Catterton will hold an 82.8% stake in Birkenstock and control a majority of the combined voting power of its outstanding shares. Birkenstock's shares will start trading on Wednesday on the New York Stock Exchange under the ticker "BIRK".

Persons: Fabrizio Bensch, Birkenstock, Johannes Birkenstock, Johann Adam Birkenstock, Barbie, Margot Robbie, Bernard Arnault, Louis Vuitton Moet Hennessy, Goldman Sachs, JPMorgan Chase, Morgan Stanley, Anirban Sen, Echo Wang, Dimpal Gulwani, Lisa Shumaker Organizations: REUTERS, Birkenstock, underwriters, Arm Holdings, New York Stock Exchange, JPMorgan, Thomson Locations: Berlin, Germany, Langen, French, Birkenstock

Birkenstock, the longtime German shoe brand known for its comfy and durable styles, is expected to price its IPO at $46 per share on Tuesday, giving it a tentative valuation of about $8.64 billion, according to a person familiar with the matter. Combined with the 21.51 million in shares its selling stockholders were looking to offload, the offering could bring in around $1.48 billion. Birkenstock's offering comes as the IPO market remains choppy after a number of recent filers began trading in muted debuts. But after an initial 40% pop, it closed at $33.70 on its first day on the Nasdaq and is now trading below its opening share price. It posted a net income of about 187 million euros ($198 million) in fiscal 2022.

Persons: Birkenstock's, hasn't, Birkenstock, Johnson, Catterton Organizations: Swiss, New York Stock Exchange, Nasdaq, Tech Locations: New York, German

Birkenstock would end up raising $1.58 billion at the top of the range. While shares of Arm and Klaviyo still trade above their IPO price, Instacart's stock is now worth less than its IPO value. This helps explain why Birkenstock is not inclined to raise its IPO price range despite the strong initial investor demand. To leave less to chance, Birkenstock launched the roadshow for its IPO last week with some investors lined up. Birkenstock was founded in 1774 in the German village of Langen-Bergheim by Johannes Birkenstock and his younger brother Johann Adam Birkenstock, who were both shoemakers.

Persons: Birkenstock, Financière Agache, Johannes Birkenstock, Johann Adam Birkenstock, Barbie, Margot Robbie, Bernard Arnault, Louis Vuitton Moet Hennessy, Anirban Sen, Chris Reese Organizations: Birkenstock Holding, U.S, Arm Holdings, Nike Inc, Partners, Norges Bank Investment Management, Thomson Locations: New York, Langen, French, Birkenstock

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International. AllBirds (BIRD.O), Dr Martens (DOCS.L), and On Running (ONON.N) have all seen their market value fall since their IPOs in 2021. "When you look at the trend of other shoe companies that have IPO-ed, it doesn't give a great outlook for Birkenstock," Valechha said.

Persons: Fabrizio Bensch, Birkenstock, Kellogg, Mamta, Cheviot, Valechha, Johann Adam Birkenstock, Barbie, Margot Robbie, Jessica Ramirez, Jane Hali, Siobhan Gehin, Roland Berger, Thomas Hayes, sneaker, Dr Martens, Allbirds, Alexandre Arnault, LVMH, Bernard Arnault, Matt Oguz, Iris, L, Ananya Mariam Rajesh, Helen Reid, Emma, Victoria Farr, Echo Wang, Abigail Summerville, Deepa Babington Organizations: REUTERS, LVMH, New York Stock Exchange, Euromonitor, Associates, Dick's Sporting, Reuters, Partners, Norges Bank Investment Management, Thomson Locations: Berlin, Germany, New York, London, Neustadt, United States, U.S, Cannes, Silicon Valley

☆ Morning Bid: This Fed's not for turning
▼ + stars: | 2023-10-03 | by ( ) www.reuters.com time to read: +5 min

The U.S. Federal Reserve building is pictured in Washington, March 18, 2008. That thought was echoed by Cleveland Fed chief Loretta Mester, who said: "I suspect we may well need to raise the fed funds rate once more this year." Either way, this is not the sound of a Fed who thinks the inflation battle is won. Fed hawkishness, however, has kept futures markets pricing a 50-50 chance of another quarter point rate hike to the 5.50-5.75% range by year-end. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Jason Reed, Mike Dolan, they've, Michelle Bowman, Loretta Mester, Michael Barr, hawkishness, Raphael Bostic, Susan Fenton Organizations: U.S . Federal, REUTERS, Reserve, Cleveland Fed, Institute, Supply, Bank of Japan, Reserve Bank of Australia, Big Tech, Atlanta Federal Reserve, Treasury, McCormick, PMI, Reuters, Thomson Locations: Washington, U.S

☆ Birkenstock IPO: German sandal brand could be worth $10 billion
▼ + stars: | 2023-10-03 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

German shoemaker Birkenstock could be valued at up to $10 billion when it lists its shares on the stock market for the first time. The family-owned firm traces its origins back to 1774, when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany. In the nine months to the end of June this year, revenues grew 21% compared with the same period in 2022 to reach €1.12 billion ($1.17 billion). (CNN and “Barbie” distributor Warner Bros. Pictures have the same parent company, Warner Bros. UK-based chip designer Arm (ARM) was lured to US shores last month, listing on the Nasdaq, and currently has a market capitalization of $54 billion.

Persons: London CNN —, Birkenstock, Johannes Birkenstock, Bocsi, Krisztian Bocsi, Dior —, Brothers Christian, Alex Birkenstock, Barbie, “ Barbie, “, ” Susannah Streeter, Hargreaves Lansdown Organizations: London CNN, New York Stock Exchange, Bloomberg, Getty, Tiffany, Brothers, CNN, Warner Bros . Pictures, Warner Bros ., Nasdaq, Hargreaves Locations: Langen, Bergheim, Germany, Berlin, Birkenstock, €, Europe, United States

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