Birkenstock Shares Plunge 12% in One Day, $800 Million Vanishes

Birkenstock Holding plc (NYSE: BIRK) closed at $33.50 on May 13, down 11.73% on the New York Stock Exchange.

In just one day, roughly $650 million of market value—about KRW 870 billion—was wiped out, bringing the company’s market capitalization to approximately $6.2 billion (around KRW 8.3 trillion). Trading volume was heavy, with more than 5.07 million shares changing hands.

Investors were disappointed that, despite a roughly 14% year-over-year increase in second-quarter revenue on a constant-currency basis, profitability fell well short of expectations due to U.S. tariffs, currency fluctuations and geopolitical tensions in the Middle East.

Although the company reaffirmed its full-year targets of 13–15% sales growth and an adjusted EBITDA margin in the 30% range, short interest has surged to about 20% of the float. Some brokerages have therefore maintained “neutral” ratings and reiterated price targets in the $40 range, adopting a wait-and-see approach.

Founded in Germany in 1774, Birkenstock is a heritage footwear brand globally renowned for its cork-footbed sandals and slippers, offering premium casual footwear. The company went public on the New York Stock Exchange in 2023 under the ticker BIRK and is regarded as a flagship listed consumer goods company, with significant stakes held by L Catterton—an LVMH-affiliated private equity firm—and investment vehicles linked to the Arnault family.