Birkenstock Shares Slip on NYSE Debut as Investors Worry About Consumer Demand

Shares in Birkenstock opened 11% below offer price on NYSE debut, valuing company at $8.3bn as investors worry about consumer demand.

Birkenstock hit it big during pandemic as demand grew for comfort/heritage brands with shift to home working.

Birkenstock benefited from change in mindset among young women moving away from feminine footwear ideals.

IPO raising $1.5bn, with plans to expand beyond core sandals business.

Investors worried about economic outlook and performance of other recent footwear IPOs like Dr Martens.