Profits at Birkenstock’s UK arm have been hit by inflation as it prepares to go public as soon as next month.
The firm, whose fans include actress Sienna Miller as well as model Gigi Hadid, and whose sandals feature in the recent Barbie film, said profit fell 24 per cent to £727,000 in the year to the end of September, despite a 49 per cent jump in revenues to £34.5million.
Birkenstock put it down to £4.4million of administrative expenses. It said sales were ‘above initial expectations’ for this year.
Float plan: Birkenstock , whose fans include Sienna Miller (pictured) said profit fell 24% to £727,000 in the year to the end of September
Its primary backer plans to list it on the stock market in New York with a value of over £6billion as fashion groups such as Kim Kardashian’s Skims and ecommerce giant Shein seek stock market debuts.
There are many consumer brands looking to raise capital in this consumer arms race.
We’re seeing new brands and old brands revitalise,’ said Wedbush Securities analyst Dan Ives.
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