- Two heirs of Birkenstock are now worth $3.4 billion after the company’s IPO, Bloomberg reported.
- The German sandal brand, long mocked as producing “ugly” shoes, has seen sales boom in recent years.
- Birkenstock listed in New York on Wednesday, but shares opened at 11% below their offer price.
Two of the heirs of German sandal maker Birkenstock are now worth a combined $3.4 billion after the company went public, Bloomberg reported.
This is despite the company’s opening being the worst in more than two years for a company listing for $1 billion or more in New York. Shares opened at $41 on Wednesday, 11% below their offer price of $46.
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