BIRKENSTOCK THE LATEST SHOE TO DROP IN A TOUGH IPO MARKET

Sandal company Birkenstock needs to sell more clogs and boots and boost sales from its own website and boutiques to attract new shoppers amid a cost of living crisis, investors and analysts said before it lists on the New York Stock Exchange next week. Birkenstock is the latest high-profile listing to put investor focus on the initial public offering (IPO) market, which is gradually reopening after two relatively quiet years and a burst of activity in September.

But several companies including Arm , Instacart (CART.O), and Kellogg spinoff Kellanova (K.N) that have gone public recently have seen their share prices slump. And a cost of living crisis - which has seen consumers rein in spending on discretionary items like shoes and clothing in favor of essentials - could be a challenge for the premium footwear company. Due to recent price hikes, worldwide footwear sales are expected to rise just 2.9% over 2022, according to market research firm Euromonitor International.

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