L Catterton, American-French private equity company, backed by LVMH (Moët Hennessy Louis Vuitton) has acquired Birkenstock in a deal valuing the company at €4 billion.
The German shoe manufacturer famous for sandals with cork foot beds was founded in 1774 by Johann Adam Birkenstock to create shoes that support and contour the foot. Descendants Christian and Alex Birkenstock will remain minority shareholders.
Birkenstock’s main factory is located in Görlitz. There are currently 1000 people employed there, the largest worldwide. Over 100,000 pairs of sandals and components are manufactured during three shifts each day. There is also a factory outlet store located in Görlitz where the shoes can be purchased at a discount.
The company hopes that the investment will help them expand in China and India as well as expand their main factory in Görlitz.