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☆ Germany's Birkenstock targets $9.2 billion valuation in New York IPO
▼ + stars: | 2023-10-02 | by ( ) www.cnbc.com time to read: +1 min

Birkenstock, the German premium footwear brand backed by private-equity firm L Catterton, said on Monday it is seeking a valuation of up to $9.2 billion in its highly anticipated initial public offering (IPO) in New York. The U.S. securities regulator is well-staffed now that a government shutdown has been averted, allowing it to review IPO filings by companies looking to take advantage of the long-awaited reopening of the IPO window. On its website, the company says all elements of its design - the buckles, the straps, the sole and the footbed - have a "functional purpose". Most of its products are manufactured in facilities in Rhineland-Palatinate, North Rhine-Westphalia, Hesse and Saxony in Germany. Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.

Persons: Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley Organizations: U.S . Securities, Exchange Commission, underwriters Locations: New York, U.S, Rhineland, Palatinate, North Rhine, Westphalia, Hesse, Saxony, Germany

☆ Birkenstock walks tightrope with $11 bln price tag
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch Acquire Licensing RightsLONDON, Oct 2 (Reuters Breakingviews) - Birkenstock is taking a bold step forward. Fresh from publicity from the Barbie movie, the German sandals maker is targeting a valuation of up to $11 billion, including debt, in its New York stock listing next week. Hoping to build confidence among investors, owner L Catterton has secured the backing of anchor investors including Bernard Arnault’s investing vehicle Financière Agache and Norway’s wealth fund. At $44 to $49 per stock, the offer values the group’s equity between $8.3 billion and $9.2 billion.

Persons: Fabrizio Bensch, L Catterton, Bernard Arnault’s, Martens, Pamela Barbaglia, Lisa Jucca, Oliver Taslic 私, 「 Organizations: REUTERS, Reuters, Nike, 「 Reuters Locations: Berlin, Germany, New York

☆ Birkenstock reveals 21% revenue jump in updated financials ahead of IPO
▼ + stars: | 2023-09-15 | by ( ) www.reuters.com time to read: +1 min

A pair of shoes is pictured in a window of a Birkenstock footwear store in Berlin, Germany, January 21, 2021. REUTERS/Fabrizio Bensch/File Photo Acquire Licensing RightsSept 15 (Reuters) - German premium footwear maker Birkenstock Holding's revenue jumped 21% in the nine months ended June 30, it said in updated paperwork for a U.S. stock market listing on Friday. The company, backed by private equity firm L Catterton, is one of a handful of high-profile firms gearing up for a stock market debut. Adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) grew 16% to 387 million euros in the same period. Goldman Sachs, J.P. Morgan and Morgan Stanley are among the underwriters for the IPO.

Persons: Fabrizio Bensch, Birkenstock, Barbie, Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket, Krishna Chandra Organizations: REUTERS, SoftBank, Arm Holdings, underwriters, Thomson Locations: Berlin, Germany, U.S, Bengaluru

☆ After Birkenstock's 'Barbie' bump, iconic footwear brand seeks a big part in IPO market
▼ + stars: | 2023-09-13 | by ( Natalie Rose Goldberg | ) www.cnbc.com time to read: +10 min

Footwear companies have found recent success going public market, but not all by any means over the longer-term. In more recent history, the brand has collaborated with Rick Owens, Dior, and Manolo Blahnik, among many other big names in fashion. The current IPO market landscape The IPO market has been all but frozen since the pandemic stock offering boom crashed, and successful IPOs have included iconic brands, such as the Johnson & Johnson spinoff of its consumer health business which includes Tylenol and band-Aids in the Kenvue IPO. Still, while Kenvue was the biggest deal of the year, it's barely holding onto its IPO price today, according to CNBC and Renaissance Capital data, and the IPO market overall hasn't performed great after listing. The two potential paths of a footwear IPO can be tracked by the histories of Crocs and Allbirds.

Persons: Nordstrom, Jeff Greenberg, what's, Johann Adam Birkenstock, Birkenstock, Angelo Bochanis, Oliver Reichert, outsized, Reichert, Konrad Birkenstock, Johann, Karl, Konrad, Margo Fraser, Kim Knott, Kate Moss, Corinne Day, Rick Owens, Dior, Manolo Blahnik, Jeremy Moeller, Barbie, Margot Robbie, Johnson, Kenvue, it's, hasn't, Mark Cohen, Cohen, Jamie Dimon, Dimon, Bochanis, " Cohen Organizations: Universal, Getty, New York Stock Exchange, Nasdaq, Holding, Renaissance, Consumers, British Elle, Brand, CNBC, Columbia Business School, Facebook, Wall, JPMorgan, Company Locations: Merrick, , Miami, Germany, America, California, British, Arizona, It's, U.S

☆ Birkenstock IPO: German sandal maker heads for Wall Street in another blow to Europe
▼ + stars: | 2023-09-13 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —German shoemaker Birkenstock has filed for an initial public offering in New York, becoming the latest European company to choose the United States as the place to raise money on the stock market. The Financial Times, citing unnamed sources familiar with the matter, reported Tuesday that Birkenstock was seeking a valuation of more than $8 billion. The family business traces its origins back to 1774 when church archives mention Johannes Birkenstock, who worked as a cobbler in Langen-Bergheim, Germany. The planned IPO marks another milestone for the shoemaker, which joins the ranks of high-profile European companies seeking a public offering across the pond rather than at home. British chip designer Arm is gearing up for a blockbuster IPO on the Nasdaq this week.

Persons: Birkenstock, Johannes Birkenstock, LVMH, Dior, Christian, Alex Birkenstock, Instacart, ” Craig Erlam, Susannah Streeter, Hargreaves Lansdown, “, ” Organizations: London CNN, US Securities and Exchange Commission, New York Stock Exchange, Financial, Tiffany, Nasdaq, CNN, Hargreaves Locations: New York, United States, Langen, Bergheim, Germany, British, London

☆ Birkenstock files for U.S. IPO as listings recovery gains pace
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +2 min

In contrast, U.S. listings have fetched nearly double the amount secured in 2022, according to data from Dealogic. In July, Birkenstock majority owner L Catterton's beauty firm Oddity Tech (ODD.O) rose 40% on its Nasdaq debut. Birkenstock, a family-owned business that traces its roots back to 1774, said it intends to list its shares under the "BIRK" ticker on the New York Stock Exchange. Goldman Sachs, J.P. Morgan and Morgan Stanley are the lead underwriters for the IPO. Entities affiliated with L Catterton will control a majority of the combined voting power of the shares after the offering, it said.

Persons: Margot Robbie, Goldman Sachs, J.P, Morgan, Morgan Stanley, Niket Nishant, Akash Sriram, Pritam Biswas, Devika Organizations: British, SoftBank, Tech, Nasdaq, New York Stock Exchange, underwriters, Thomson Locations: United States, U.S, Europe, Dealogic, Bengaluru

☆ Lotus launches electric GT model as mass expansion plan rolls on
▼ + stars: | 2023-09-07 | by ( Nick Carey | ) www.reuters.com time to read: +2 min

[1/4] British sports car maker Lotus unveils its new fully-electric “hypercar” in New York City, U.S., September 7, 2023. Johnstone said with Emeya, Lotus is targeting people "looking for something different in an electrified GT-style sports car." Since its founding in 1948, Lotus typically made 5,000 cars a year, but funded by Geely and Etika, the company has planned a massive expansion. Lotus Technology, which includes Lotus Cars, is also due to go public this year via a merger with special purpose acquisition company L Catterton Asia Acquisition Corp (LCAA.O). Geely also plans to turn the London Electric Vehicle Company, which makes iconic black taxis, into a high-volume, all-electric brand.

Persons: Caitlin Ochs, Mike Johnstone, Johnstone, Emeya, Geely, Nick Carey, Susan Fenton Organizations: Lotus, REUTERS, HK, Automotive, Reuters, Geely, Lotus Technology, Asia, Corp, Volvo, London Electric Vehicle Company, Thomson Locations: British, New York City, U.S, New York, Wuhan, China, Tesla

☆ The rise of Birkenstock: How the shoe went from an ugly hippie sandal to coveted fashion statement
▼ + stars: | 2023-08-02 | by ( Jennifer Ortakales Dawkins | ) www.businessinsider.com time to read: +1 min

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. This would be one more feat in Birkenstock's nearly 250-year history, which began with a family-run business that manufactured insoles. Here's how the shoe went from "ugly" hippie sandal to coveted fashion statement.

Persons: Birkenstock Organizations: Service, Bloomberg Locations: Wall, Silicon, Birkenstock's

☆ How lip fillers and laser hair removal are plumping up private equity
▼ + stars: | 2023-07-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +8 min

Sixth Street, Blackstone, and Ares have backed providers of treatments like laser hair removal. Laser hair removal, body contouring, filler injections — it's not just TikTok and Instagram where people are talking about their latest treatments. The space is another consumer-focused vertical, like dentistry and dermatology, that private equity firms, big and small, are aggressively pushing into. Christian Karavolas, who owns laser hair removal specialist Romeo & Juliette in New York City, said he's turned away offers by private equity investors. Laser hair removal, for instance, isn't considered a medical procedure in every state.

Persons: Ares, It's, Levine, Leonard Green, Blackstone, Levine Leichtman, Christian Karavolas, Juliette, he's, Karavolas, Alex Thiersch, Thiersch, Chanel, Dior, David Yurman, Louis Vuitton, isn't, Sevana Petrosian, Eva Longoria Bastón, SEV, Andrew Schwartz, Schwartz, Heravi Organizations: Sixth, Blackstone, Levine Leichtman Capital Partners, Leonard Green & Partners, Boston Consulting, Industry, KKR, SkinSpirit, Walmart, ORIX Venture Finance, TPG, General Atlantic, Wax Center, Med Spa Association, Getty, Consumers Locations: Blackstone, Milan, LaserAway, California, New York City, H.I.G, Manhattan, Burbank , California

☆ Oddity will start trading after pricing IPO above range — here's what the beauty and tech company does
▼ + stars: | 2023-07-19 | by ( Gabrielle Fonrouge | In Gabrielle-Fonrouge | ) www.cnbc.com time to read: +4 min

In the three months ended March 31, the company saw $165.7 million in revenue, up from $90.4 million in the year-ago period. It reported net income of $19.6 million, or 35 cents a share, compared with about $3 million, or 5 cents a share, a year earlier. In fiscal 2022, Oddity brought in $324.5 million in sales and saw net income of $21.7 million, or 39 cents a share. In the year prior, the retailer saw $222.6 million in revenue and net income of $13.9 million, or 26 cents a share. In 2020, it saw $110.6 million in sales and net income of $11.7 million, or 22 cents a share.

Persons: Oran Holtzman, Holtzman, Shiran Holtzman, Lindsay Drucker Mann, Goldman Sachs Organizations: Tech, Nasdaq, CNBC, Goldman, Israeli Defense Forces Locations: U.S

☆ Cloud-based Restaurant365 hits unicorn status after $135 mln funding round
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +1 min

May 19 (Reuters) - U.S. cloud-based restaurant manager Restaurant365 has turned a 'unicorn' after a $135 million funding round, the company said on Friday. Start-up funding space, which is reeling from liquidity crunch since last year, has started to see some signs of relief. Earlier in the week, Reuters reported that U.S. property insurer SageSure achieved an unicorn status after closing a $250-million funding round. "L Catterton has deep experience investing in world-class restaurant brands globally," says Ian Friedman, Partner at L Catterton who will join Restaurant365's board. "The primary driver of this round is uniting with two strategic investors so intimately tied to the restaurant industry," the company said.

☆ 98point6 is ditching its telehealth business to sell software. Here's the presentation it used to raise $30.7 million to fuel its pivot.
▼ + stars: | 2023-05-08 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +3 min

98point6 has stopped providing virtual care and is focusing on licensing its care delivery platform. When 98point6 raised $20 million in September, it had no plans to sell its virtual care business, according to CEO Jay Burrell. Running the virtual care business took a lot more cash, though, and the digital health market was still tumbling. In March, 98point6 sold its virtual care business to Transcarent for $100 million. The fresh capital brings 98point6's total funding to $297 million, excluding the $100 million Transcarent deal, per the company.

☆ This startup found success using A.I. to build beauty products. But can it keep making money?
▼ + stars: | 2023-03-01 | by ( Gabrielle Fonrouge | ) www.cnbc.com time to read: +7 min

Oddity Il Makiage Coutesy: OddityOddity — the direct-to-consumer beauty and wellness platform known for its ubiquitous Il Makiage social media ads — is making money and growing in an environment that's increasingly risky for purely digital retailers. Since its U.S. launch in 2018, Oddity has achieved profitability, the company said, making $380 million in gross sales in 2022. In Spoiled Child's first year on the market, the new brand brought in $48 million in gross sales. Oddity builds out new products and brands by using its tech to figure out what customers are looking for. Oddity is in the process of integrating the tech into its Il Makiage powermatch quiz to improve accuracy.

Warburg has approached a number of Chinese investors including local government-backed entities and state-backed financial institutions for the new yuan fund, the people with knowledge of the matter said. The U.S. private equity (PE) firm plans to primarily focus on the healthcare and industrial technology sectors in China with the yuan fund, one of the people said. "RMB (yuan) funds are relatively independent and self-sustainable," he said. Sensitive sectors will remain closed to global private equity groups even if they raise yuan funds, she added. Emerging markets-focused Affirma Capital is also targeting a 2 billion yuan raising in its debut fund and reached first close at 1.5 billion yuan by end-2022, a person close to the situation said.

☆ EV maker Lotus Tech to go public in the U.S. via deal with L Catterton SPAC
▼ + stars: | 2023-01-31 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Lotus Tech is the luxury electric vehicle maker division of sports car brand Group Lotus, which is in turn owned jointly by Chinese automaker Geely (GEELY.UL) and Malaysia's Etika Automotive. The unit is headquartered in the central Chinese city of Wuhan and produces cars through a partnership with Geely. Lotus Tech's existing shareholders, including Geely, Etika and NIO Capital, an investment firm founded by the CEO of Chinese electric vehicle maker Nio Inc , will retain their interests in the company and own 89.7% of it following the deal, it said. The company plans to use the proceeds from the combination of the businesses for product innovation and to expand its global distribution network. "We expect the partnership to provide significant support as Lotus Tech expands globally, with promising brand collaboration and strategic partnership potential worldwide," Lotus Tech's Chief Executive Officer Feng Qingfeng said.

☆ More Companies Are Hiring CMOs With Performance-Marketing Backgrounds
▼ + stars: | 2023-01-17 | by ( Patrick Coffee | Destination Xl Ceo Harvey Kanter | ) www.wsj.com time to read: +6 min

Companies looking to hire CMOs and other top-level marketing executives amid an economic downturn are increasingly favoring candidates with deep experience in so-called performance-marketing. Performance-marketing campaigns push consumers to take a specific action, such as clicking a link or providing an email address, while brand marketing aims to increase awareness of a company and shape perceptions of that business. The trend will create a challenging job market for senior executives whose careers have centered on more traditional, brand-based marketing. “If we are awesome at performance marketing and don’t understand what it means to engage a consumer—in reality that means brand-level marketing as well—we will lose,” Mr. Kanter said. PREVIEWIndustry leaders frequently debate whether brand and performance marketing should be separate disciplines run by different people.

☆ Amazon aggregator Razor has raised a fresh $70 million and acquired Latin American peer Valoreo, sources say
▼ + stars: | 2022-12-22 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +2 min

Amazon aggregator Razor Group has raised around $70 million in a new equity funding round. LVMH-backed private equity firm L Catterton led the deal, Insider understands. Razor has also acquired a Mexico City-based aggregator in a separate transaction, one source said. Amazon aggregator Razor has raised approximately $70 million in a round led by US private equity firm L Catterton, according to two sources familiar with the deal. L Catterton has placed bets on a range of other e-commerce aggregators, including Berlin-based SellerX, Nebula in Asia, and US-headquartered Dragonfly.

☆ Youth was no barrier to success for this founder of a multimillion-dollar startup. She shares 3 tips
▼ + stars: | 2022-11-02 | by ( Goh Chiew Tong | ) www.cnbc.com time to read: +4 min

But that didn't stop Chrisanti Indiana — who was just 24 years old when she co-founded Social Bella. "You have nothing to lose, that's actually the benefit of starting young," said Chrisanti Indiana, who launched her startup Social Bella when she was 24 years old. Social Bella started out as an e-commerce platform called Sociolla. Social Bella was founded in 2015 by Chrisanti Indiana, her brother and president Christopher Madiam (left) and CEO John Rasjid (right). Social Bella

☆ LVMH-backed L Catterton aims to raise 2 billion yuan in first yuan-denominated fund
▼ + stars: | 2022-10-31 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Thomas White/IllustrationBEIJING/HONG KONG (Reuters) -L Catterton, the private equity firm backed by luxury goods empire Louis Vuitton Moet Hennessy, said on Monday it aimed to raise 2 billion yuan ($275.44 million) for its first yuan-denominated fund, as it eyes early-stage investments in China. The new fund has raised “around 1 billion yuan” at first-close, a source familiar with the matter said. L Catterton declined to comment on a Reuters request. The first phase of the fund will be based in the southwestern Chinese city of Chengdu, according to the statement. ($1 = 7.2611 Chinese yuan renminbi)

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