By
Bloomberg
Published
June 15, 2026
Birkenstock is lining up its first bond offering in more than five years as it seeks to replace existing debt and considers further share buybacks.
The German footwear maker is set to raise €900 million ($1.04 billion) from the sale of seven-year notes callable after three years, according to a person with knowledge of the matter, who asked not to be identified. The company will have a call with investors about the transaction on Monday and hold further meetings through Tuesday.
The issue marks the company’s first bond deal since 2021, when it raised €430 million of notes due to mature in 2029, according to data compiled by Bloomberg. That was the year Birkenstock was sold to L Catterton, an LVMH-backed private equity firm, which went on to list the company on Wall Street in 2023.
Birkenstock, which designs anatomically-shaped sandals and shoes, as well as belts, bags, bed frames, and mattresses, disappointed investors last month when it kept its full-year earnings forecast unchanged after US tariffs and currency swings weighed on profits. Sales rose 14% on a constant-currency basis to €618 million in the quarter that ended in March, while operating profit fell more than analysts expected.
A week later, it announced a $250 million accelerated share repurchase to remedy what it considered to be a disconnect between its share price and fundamental performance. The shares have rallied sharply since then, taking year-to-date gains to about 19%.
In a filing on Monday, the company said it may spend up to $500 million buying back more shares, depending on market conditions. If a share repurchase isn’t feasible, then it could instead apply that amount “to refinance other existing indebtedness of Birkenstock and its subsidiaries or for general corporate purposes.”
BNP Paribas SA and JPMorgan Chase & Co. are bookrunners on the bond offering, which is being issued by Birkenstock Group BV & Co KG.
