Birkenstock and Phoebe Philo: the two headlines in the Fashion World
As Birkenstock prepares to make its debut on Wall Street with an expected valuation of over 9 billion euros, the fashion world holds its breath for Phoebe Philo's first collection since her departure from Celine.
By Eva Morletto03 octobre 2023
With financial support from the private equity firm L Catterton (LVMH), Birkenstock, the iconic German sandal brand, is seeing brighter prospects in the stock market. This historic footwear company is eyeing a valuation of over 9 billion euros for its entry onto Wall Street, a figure that continues to grow without a clear explanation. According to several financial media outlets, this IPO is scheduled for October 11. L Catterton and Financière Agache, controlled by Bernard Arnault's family holding company, had acquired a majority stake in March 2021, while the founding family, represented by brothers Christian and Alex Birkenstock, remained as shareholders. Today, Birkenstock aims to raise approximately $1.5 billion in funds in preparation for its listing on the New York Stock Exchange.
Another major development in the fashion world is the announcement of the first collection from Phoebe Philo's eponymous brand, the British designer who revolutionized the image of Celine over a decade. Initially announced in September during Paris Fashion Week, the collection by the designer celebrated for her minimalist and artsy designs has been postponed to October 30. This delay has only heightened the expectations of the many fans of the creator, eagerly awaiting to see what inspirations and identities will infuse the new pieces in the collection, the first since 2017. According to Bernard Arnault, LVMH's minority investment in the brand will give Phoebe Philo the freedom to "govern and experiment." The billionaire's trust in the designer, now recognized as the 'high priestess of quiet luxury,' is well-founded: after her appointment as artistic director at Celine in 2008, sales more than doubled in five years, going from around 200 million euros in revenue to over 400 million euros in 2013. The prospects for the launch of her own brand are therefore promising.
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