clothing
New York (AFP) - Shares of German sandals maker Birkenstock fell almost 13 percent from their introductory price on Wednesday, on its first day trading on the New York Stock Exchange. The company, trading under the ticker "BIRK," closed at $40.06, down 12.9 percent from its initial public offering price of $46 which valued the company at about $8.6 billion. The sharp decline in its stock price values the sandals maker at closer to $7.5 billion. "The truth is we didn't have 'the Barbie moment.' Barbie had the ' Birkenstock moment,'" quipped Chief Executive Oliver Reichert on CNBC, as he descri...
AFP
New York (AFP) - German sandals maker Birkenstock will launch on the New York stock exchange on Wednesday in an initial public offering that values the company at $8.6 billion, according to multiple media reports. Shares in the company, which was in the hands of the founding family until 2021, will be priced at $46, the Wall Street Journal, CNBC, and other media reported. This would be in the middle of the company's $44-49 target, giving it a market value of just over $8.6 billion. Birkenstock started life as an orthopedic shoemaker, but has since shed its unflattering association with sock-...
AFP
Berlin (AFP) - German sandal maker Birkenstock on Monday set a price for its initial public offering of shares at $44 to $49 each, which could see the company raise up to $1.58 billion. Around 32.2 million ordinary shares will be put on the New York Stock Exchange in the IPO that would value the iconic footwear brand at up to $9.2 billion (8.7 billion euros), according to a regulatory filing. Once unflatteringly associated with sock-and-sandal-wearing Germans, Birkenstock has since become a coveted fashion item, as illustrated in the latest Hollywood blockbuster "Barbie". The stock flotation ...
AFP
Kyiv (Ukraine) (AFP) - At a training ground on the edge of Kyiv, a group of women ran through an obstacle course and fired Kalashnikovs, putting the new uniforms finally designed for them through a stress test. There are more than 42,000 women serving in Ukraine's armed forces but they are only issued with male uniforms. The Arm Women Now social initiative used donations to create and sew several thousand uniforms to fit servicewomen, which it gave to soldiers for free. "It's very comfortable, it doesn't restrict my movements because the waist is high... Everything is held in place and you a...
AFP
New York (AFP) - Multiple groups of US lawmakers have sought reassurances this week about clothing giant Shein and other brands facing allegations their products use forced Chinese labor or material from regions where such conditions allegedly occur. On Tuesday, a group of lawmakers sent letters to the CEOs of Adidas, Nike, Shein and Chinese shopping app Temu with questions about their supply chains. In the letters, seen by AFP, the House Select Committee on the Strategic Competition between the United States and the Chinese Communist Party cited witness testimony that alleged Nike and Adidas ...
AFP
Madrid (AFP) - Zara owner Inditex, the world's biggest fashion retailer, reported record profits for 2022 despite halting operations in Russia and soaring global inflation. Net profit reached 4.1 billion euros ($4.4 billion) last year, a 27 percent jump from 2021, said Inditex, whose eight brands include younger fashion chain Pull&Bear and upmarket label Massimo Dutti. In-store and online sales for the world's biggest fast fashion retailer also hit a record, surging 17 percent to 32.6 billion euros. "The excellent results of 2022 show the strength of our business model," said Inditex chief exe...
AFP
New York (AFP) - It's been quite a few days for sneakers, Satan and the artist Lil Nas X. It started with a recently released music video that sees the 21-year-old of "Old Town Road" fame give the devil a lap dance, which resulted in the Grammy winner exchanging disses with a sitting US governor who took issue with the seductive clip and began tweeting Bible verses at him. Then, the announcement that the rapper would collaborate with a Brooklyn company to make 666 pairs of "Satan Shoes" -- black Nike Air Max 97s customized to feature a bronze pentagram, a Bible verse referring to Satan's fall ...
AFP
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