(Reuters) – German sandal maker Birkenstock said on Wednesday it has priced a $756 million secondary offering by an entity affiliated with L Catterton at $54 a piece.
U.S. private equity firm L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH, is looking to reduce its stake to 73.2% from 81.1% in the German firm.
Birkenstock is not selling any shares in the offering and will not receive any proceeds from the sale by L Catterton, the footwear brand said in a statement.
In May, Birkenstock raised its annual revenue and core profit forecasts, betting on full-price selling and strong demand for its cork-based sandals and newer closed-toe styles mainly at its own stores.
(Reporting by Urvi Dugar in Bengaluru; Editing by Subhranshu Sahu)
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