Family-owned Birkenstock is in “advanced negotiations” to sell its business to European private equity firm CVC Capital Partners for $4.8 billion.
The equity firm already owns Swiss watch brand Breitling and German beauty retailer Douglas, according to Bloomberg.
While no final decision has been made, Dr. Martens owner Permira and one other private equity firm have also expressed interest in the acquisition of the nearly 250-year-old German footwear brand.
During the coronavirus pandemic, the Birkenstock brand witnessed a major uptick in consumer demand as shoppers gravitated toward more comfortable wear while in lockdown during the height of the COVID-19 pandemic.
The Lyst quarterly index ranked the Birkenstock’s Boston clogs under the men’s category as the second most popular item for Q3 in 2020. Last September, David Beckham was spotted wearing a pair at his wife Victoria’s fashion show, and since then, the demand for the Birkenstock men’s sandal has increased by 47 percent.