Birkenstock’s shares dropped in its US market debut despite shooting to popularity following the Barbie movie release.
The shoe company’s initial public offering (IPO) saw shares fall 11% below their $46 per share offer price, valuing the brand at $8.3bn.
Birkenstock chief executive Oliver Reichert said: “We are excited to embark on this new chapter as a public company and look forward to empowering even more people to walk the way nature intended.
“With our heritage dating back to 1774 we are a company focused on long-term sustainable growth and this is reflected in our shareholder base.”
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Sales for the business surged in the summer when a pair of its shoes were featured in highly anticipated Barbie film.
Hargreaves Lansdown head of money and markets Susannah Streeter said: “Investors are assessing that the Barbie boost will only last so long and deals with high-end designers won’t come cheap.
“Fashion followers can be fickle, and the company will have to run fast to keep up with the stylish set.”
Birkenstock revealed its filing for an initial public offering on the New York Stock Exchange in September, following its sales rocketing 49% in the year to 30 September 2022.
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