If you do anything in life do it with the energy of this young man ❤️ just fabulous ❤️
Brightened my day this has hope it brightens yours too and makes you smile ❤️
Birkenstock IPO’d today at a ~$8B valuation.
Its CEO Oliver Reichert did a massive turnaround in the past decade: sales 5x’d from $125m in 2012 to $1.3B in 2022.
The wildest part: he has zero background in footwear or fashion.
Prior to taking over the top job in 2013, he was a crisis reporter in Africa and an exec at a German sports TV station.
Reichert was introduced to the Birkenstock family in 2009 via an art dealer friend and became an external consultant.
The brand was struggling because the Birkenstock family had three heir sons battling over strategy and control.
Reichert created a plan for two of the brothers to exit the business, which simplified the corporate structure.
Then he went to realize the full potential of the brand:
▫️NEW MODELS: The most iconic Birkenstocks retail for ~$130. In 2015, the company released a water-proof EVA rubber sandal at half the price, $50-60. This sandal now accounts for ~15% of the 30m Birkenstock units sold.
▫️DTC: The website Birkenstock dot com was launched in 2016 and the online channel has gone from 0% to 38% of sales in 7 years.
Birkenstock went wild during the pandemic (work from home boost) and 90% of interest is word-of-mouth (US Birkenstock owners have 3.6 pairs on avg).
He 3x’d the workforce to 4k+ and — even as sales grew 5x — expanded operating margin from 27% to 35%.
For the effort, he owns at least ~5% of Birkenstock (~$400m).
One of the better “consultant comes in and fixes business” stories I can remember.
Not bad for someone who said in an interview with The Cut in 2018, “I don’t give a shit about fashion.”
@thetrainline trying to book a train for 10th September from london to newcastle. Says there are none available but can get one on the 11th. Please can you to why theres no trains on the 10th to book.
Whilst the ghouls in charge stoke culture wars and parade a bloke through the streets in a solid gold carriage, we are on the verge of a another public health crisis. Parents unable to afford formula for their newborn babies. Absolutely heartbreaking.
https://t.co/l7ZFDSZR2I