As Birkenstock IPO Draws Near, Brand Is on Pace to Set an All-Time Trade Record on StockX in 2023
Birkenstock is having a moment, and StockX users are here for it.
StockX confirmed the L Catterton-backed sandal company — which filed to go public in September — has experienced triple-digit trade growth on the platform for three consecutive years.
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“One of the most compelling things about Birkenstock is that the brand has found a way to remain relevant for decades,” Drew Haines, StockX merchandising director for sneakers and collectibles, told FN. “Pop culture icons like Kate Moss were seen wearing Birkenstocks more than 30 years ago, and those same silhouettes are considered wardrobe staples today. It’s that commitment to staying classic that’s made for three straight years of triple-digit growth on StockX. It’s impressive.”
Most recently, StockX revealed in August that Birkenstock was the No. 2 brand in its “Shoe” category in terms of trade growth, increasing 492 percent year-over-year for the seven-month period ended July 2023.
And that success is expected to continue. StockX confirmed Birkenstock is on pace to set another all-time trade record for the brand in 2023.
“We’ve seen incredibly strong demand for non-sneaker footwear on StockX. While the pandemic and a new appreciation for comfort has increased consumer interest in a more diverse set of footwear brands, Birkenstock’s successful collaboration strategy, obtainable price point, and celebrity fans have really given the brand staying power and will continue to fuel its success,” Haines said.
Birkenstock’s ascent on StockX has been noteworthy.
In July 2021, StockX identified the fastest-growing brands on the platform in a report. Birkenstock experienced the highest trade growth year-over-year, with an increase of 610 percent for the first six months of 2021 compared to the same period in 2020.
A year later, Birkenstock was among the sales growth leaders on the platform. StockX revealed in an August 2022 report that the brand’s sales grew 219 percent for the first half of the year. And in November 2022, StockX stated the Birkenstock Boston was among the most searched styles for Q3 over the same period a year earlier, experiencing a 741 percent increase.
Collaborations, too, have helped bolster Birkenstock trades on StockX. The brand has teamed up with the likes of Manolo Blahnik, Dior and others, bringing Birkenstock to audiences once untapped. However, StockX highlighted Birkenstock’s collabs with Stüssy and Fear of God as having particular importance.
By linking up with Stüssy, StockX said it gave Birkenstock notoriety in the sneaker and streetwear community, and labeled it a breakout moment for the brand. The collaborative Birkenstock x Stüssy collection, according to StockX, has an average price premium of 125 percent ont he platform, and the average resale price of these products is $427.
In addition, Birkenstock’s recent work with Fear of God, according to StockX, helped usher in unprecedented demand for the classic Boston silhouette.
“Birkenstock’s limited-release collaborations garner the most impressive price premiums, but their general-release products also do extremely well on our platform, and I think that speaks to the brand’s broad appeal,” Haines said. “When you scroll through StockX, you can see a $150 Boston Clog alongside a $1,000 Birkenstock x Dior Milano Sandal.”
This week, a month after filing to go public, Birkenstock stated in a U.S. Securities and Exchange Commission filing that it would sell close to 32.26 million shares priced between $44 and $49 per ordinary share to raise about $1.58 billion. In the filing, Birkenstock said the valuation would hover around $8.3 billion on the low end, and about $9.2 billion at the high end.
Although this news is major, Haines said he doesn’t believe it will have an impact on trades.
“While an IPO likely won’t impact consumer demand on our platform, we predict the brand will continue to grow on StockX as sneakerheads look to diversify their closets more and more,” he said.
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