Why young consumers love Birkenstocks
IN THE BLOCKBUSTER “Barbie” film, the Birkenstock is more than a shoe. It is a symbol of the real world not run by girls. It is introduced as a deliberately drab antithesis of Barbie’s perfect stiletto. By the film’s end the titular blonde is wearing the cork sandal—with the hallmark double-strap in her signature pink—as she walks into her new life, no longer a doll but a woman ready to put her best foot forward.
Barbie is not the only one swapping heels for contoured soles. So are real-life youngsters. Birkenstock’s revenues have doubled in the past three years, to $1.4bn. Almost half of last year’s sales came courtesy of buyers in their 20s and 30s. Some of that is down to clever product placement—social-media mentions of Birkenstocks reached a record high in July around the time of the “Barbie” premiere. A lot more has to do with a post-pandemic fashion for all things casual and comfortable, especially among Millennials and Gen-Zs, which has boosted sales of other ungainly casual-chic footwear, such as furry Ugg boots or Croc sandals.
What is cool with the kids proved hot with some investors. On October 10th Birkenstock raised $1.5bn in an initial public offering (IPO) on the New York Stock Exchange, valuing the firm at around $9bn.
2023-10-12 09:04:45
Link from www.economist.com
rnrn