Birkenstock slips as L Catterton to slice stake in secondary offering

Shares of German sandals maker Birkenstock BIRK.N down 1.9% in extended trading to $53.25 after it launches secondary offering

Co says affiliate of private equity firm L Catterton to sell ~15.7 mln shares

Concurrently, co to repurchase $200 mln worth of shares, (roughly ~3.7 mln shares) from the underwriters

Goldman Sachs and JP Morgan acting as joint lead book-running managers, joined by BofA

L Catterton, backed by French billionaire Bernard Arnault and luxury goods giant LVMH LVMH.PA, currently owns ~135 mln shares, or ~72% stake

Arnault owns ~10.4 mln BIRK shares, or 5.5% stake, through his family office, Financière Agache, per LSEG data

BIRK has ~187.8 mln shares outstanding for $10.2 bln market cap

BIRK shares on Weds edged up 0.2% to close at $54.30, down 4% YTD

Earlier this month, co said it plans to raise prices globally and seek production efficiencies to help offset tariffs

18 of 21 analysts covering BIRK rate stock "strong buy" or "buy", rest rate "hold" and median PT is $70, latest LSEG data reflects