(Reuters) – German sandal maker Birkenstock (NYSE:) said on Wednesday it had valued the L Catterton-affiliated company’s secondary offering at $756 million at $54 per share.
US private equity firm L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH, is looking to cut its stake in the German firm to 73.2% from 81.1%.
Birkenstock is not selling any shares in the offering and will not receive any proceeds from the sale of L Catterton, the footwear brand said in a statement.
In May, Birkenstock raised its full-year revenue and core profit forecasts, betting on full-price sales and strong demand for cork sandals and new closed-toe styles, mainly in its own stores.