Core Viewpoint - The article discusses the significant exit of L Catterton from its investment in Birkenstock, highlighting the brand's growth and market performance, as well as the implications for future investments in the consumer sector [4][5][10]. Group 1: Investment Details - L Catterton is selling approximately 18 million shares of Birkenstock at a price of $52.5 per share, totaling around $9.4 billion (approximately 67 billion RMB) [4]. - Following this sale, L Catterton's ownership in Birkenstock will decrease from 71.9% to about 62% [5]. - The funds raised from this stock sale are intended to prepare for future investment opportunities, as L Catterton recently announced a total capital commitment of approximately $11 billion [5][15]. Group 2: Company Performance - Birkenstock's revenue for the second quarter of the fiscal year ending March 31, 2025, increased by 19% year-over-year, with net profit surging by 47% [7][15]. - The brand's valuation has exceeded $10 billion as of May this year, reflecting strong market performance since its IPO on the New York Stock Exchange in October 2023 [3][14]. - Despite a dip in net profit in the 2023 fiscal year, the company attributes this to strategic measures for expanding production capacity [14][15]. Group 3: Brand History and Expansion - Founded in 1774, Birkenstock has evolved from a small workshop to an international brand, known for its comfort and quality [8][10]. - The brand has expanded its product line beyond shoes to include socks, bags, and skincare products, and has been actively pursuing growth in Asian markets [9][13][14]. - Collaborations with high-fashion brands have positioned Birkenstock as a luxury item, enhancing its market appeal [13]. Group 4: Market Outlook - The CEO of Birkenstock expressed optimism about the company's performance in the 2025 fiscal year, projecting revenue growth of 15% to 17% [16]. - The recent stock sale by L Catterton has caused some fluctuations in Birkenstock's stock price, indicating potential investor concerns [15][16].

Core Viewpoint - The article discusses the significant stock sale of Birkenstock by L Catterton, highlighting the brand's growth and market performance, as well as the strategic implications of this transaction for future investments [1][2]. Summary by Sections Company Overview - Birkenstock, founded in 1774, has evolved from a small village workshop to a global brand, known for its comfort and quality [6][8]. - The brand's valuation exceeded $10 billion as of May 2023, with a revenue growth of 19% and a net profit increase of 47% reported for the second quarter of the 2025 fiscal year [4][14]. Investment and Ownership Changes - L Catterton acquired a majority stake in Birkenstock for approximately $4.8 billion in 2021 and is now reducing its ownership from 71.9% to about 62% through the sale of 18 million shares at $52.5 each, totaling around $940 million [2][14]. - The recent stock sale is seen as a preparation for L Catterton's future investment strategies, especially after raising $11 billion in capital commitments for new acquisitions [2][14]. Market Expansion and Performance - Post-acquisition, L Catterton has focused on expanding Birkenstock's presence in Asia, particularly in China and Southeast Asia, while enhancing its online sales channels [11][13]. - Birkenstock's products are primarily manufactured in Germany, maintaining a strong brand identity and quality assurance [13]. Financial Performance - The company has shown robust financial performance since its IPO in October 2023, despite some fluctuations in stock price following L Catterton's sale announcement [14][15]. - The CEO remains optimistic about the company's growth trajectory, projecting a revenue increase of 15% to 17% for the 2025 fiscal year [15].