Birkenstock prices L Catterton secondary offering at $54/share

(Reuters) – German sandal maker Birkenstock said on Wednesday it had priced a $756 million secondary offering by an entity affiliated with L Catterton at $54 apiece.

US private equity firm L Catterton, backed by French billionaire Bernard Arnault and luxury giant LVMH, is seeking to reduce its stake to 73.2% from 81.1% in the German company.

Birkenstock is not selling any shares in the offering and will not receive any proceeds from the sale by L Catterton, the shoe brand said in a statement.

In May, Birkenstock raised its annual revenue and core profit forecasts, betting on premium sales and strong demand for its cork-based sandals and new closed-toe styles, mainly in its own stores.

(Reporting by Urvi Dugar in Bangalore; Editing by Subhranshu Sahu)