The “Birkenstock spread” might sound like an embarrassing wardrobe malfunction. But it’s one way of seeing how two European footwear companies have performed on the stock market since going public — one in New York, one in London. It should set alarm bells ringing across continental financial hubs, not just the UK.

The US clearly has the open-toed edge. Birkenstock Holding Plc has bounced back from one of the worst market debuts in two decades after snubbing its German homeland to list in New York, and is now 8% above its initial public offering price. London-listed Dr Martens Plc — whose Anglo-German boots have won over goths, punks and nu-metallers — has slumped some 40% over the same period and is well below its IPO price after a November profit warning. These firms derive around 45% to 55% of sales from the US, according to data compiled by Bloomberg.

QOSHE - The US Stock Market Is Eating the World. Just Look At Your Shoes - Lionel Laurent
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The US Stock Market Is Eating the World. Just Look At Your Shoes

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18.01.2024

The “Birkenstock spread” might sound like an embarrassing wardrobe malfunction. But it’s one way of seeing how two European footwear companies have performed on the stock market since going public — one in New York, one........

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