German sandal maker Birkenstock posted higher sales and profits as ‘ugly’ clogs prove a hit with shoppers.
Sales jumped 21 per cent to £1.5billion over the year to September 30 and profits more than doubled to £159million.
Business was helped by strong demand for closed-toe shoes. Celebrity fans of the £150 suede ‘Boston’ shoes include Kendall Jenner and Katie Holmes.
This follows roaring demand for its sandals which featured in the 2023 Barbie film, starring Margot Robbie.
Clogmania: Celebrity fans of Birkenstock’s £150 suede ‘Boston’ shoes include Kendall Jenner and Katie Holmes
‘The Barbie boost may have dissipated but with a long line of A-list celebrities stepping out in Birkenstocks, followers are snapping up pairs,’ said Susannah Streeter, Hargreaves Lansdown’s head of money and markets.
Clogs’ popularity has been fuelled by an ‘ugly shoe trend’ that ‘shows little sign of fading’ among Gen Z shoppers, she added.
It marks the 250-year-old shoemaker’s first full financial year as a public company.
It listed on the New York Stock Exchange with a £7billion valuation.
Shares rose nearly 5 per cent yesterday, adding to gains of almost two-thirds since October 2023.
Chief executive Oliver Reichert said: ‘I’m proud to be reporting very strong 2024 results’.
On floating it pledged to boost profits in under-developed categories, including closed-toe and orthopaedic shoes.
Birkenstock is majority-owned by private equity firm L Catterton, which is backed by Dior owner LVMH.
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