Jobs' Personal Birkenstock Sold for 200 Million Won
The late Steve Jobs, founder of Apple, was known to be a frequent user of the German sandal manufacturer 'Birkenstock,' which is expected to go public (IPO) sometime this year. Its market capitalization is anticipated to exceed 10 trillion won.
The UK financial media outlet Financial Times (FT) reported on the 31st of last month (local time), citing sources, that the currently private company Birkenstock is considering issuing public shares in September and listing on the New York Stock Exchange. Birkenstock's market capitalization after the IPO is expected to be $8 billion (approximately 10.2256 trillion won).
Birkenstock is currently owned by the private equity firm L Catterton. Whether Birkenstock transitions to a public company depends on whether L Catterton decides to proceed with the listing.
Although L Catterton is the owner, Birkenstock is essentially a company owned by the French luxury conglomerate Mo?t Hennessy Louis Vuitton (LVMH). This is because L Catterton's major shareholders include LVMH and the Arnault family, led by LVMH chairman Bernard Arnault.
Birkenstock is a historic company with a legacy spanning several centuries. Its origins date back to 1774 as the personal workshop of a shoemaker named Johann Adam Birkenstock, born in Langenberg, Germany.
In 1896, the founder’s great-grandson, Konrad Birkenstock, established two shoe factories in Frankfurt, Germany, marking the start of mass production. Notably, Konrad gained industry attention with his unique 'Footbed' shoes, developed after 15 years of research.
Today, Birkenstock is famous for its distinctive manufacturing method using cork and its simple yet elegant designs. In Germany, it is regarded as the 'national sandal,' and it holds high recognition as a luxury sandal brand in other European countries, the United States, Japan, and beyond.
Conrad Birkestock, who expanded the business of Birkenstock, is famous for developing the unique sole design of the company's products. [Image source=Birkenstock]
Steve Jobs was known to have frequently worn Birkenstock sandals during his lifetime. He mainly wore his Birkenstock sandals while living in his home in California during the 1970s and 1980s.
Birkenstock sandals that remained as his personal belongings were auctioned at Julien’s Auctions in New York last November. At that time, the sandals were sold for $21,875 (approximately 27.9 million won).
Meanwhile, Birkenstock still produces sandals at its factory established in Germany. The company employs around 3,000 people. In 2021, L Catterton became the largest shareholder by acquiring a majority stake at a valuation of 4 billion euros (approximately 5.6 trillion won), while two members of the Birkenstock family hold the remaining minority shares.
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