SCHEDULE: Birkenstock Major Shareholder Discloses 62.5% Stake

A group of investment entities and individuals, including BK LC Lux MidCo S.a r.l. and its controlling persons, reported beneficial ownership of 62.5% of Birkenstock Holding plc's ordinary shares.

Summary

• Reporting persons, including BK LC Lux MidCo S.a r.l., Catterton Caledonia 1 Limited, Catterton Caledonia 2 Limited, Scott Arnold Dahnke, and James Michael Chu, collectively own 115,000,327 ordinary shares of Birkenstock Holding plc.
• This ownership represents 62.5% of the total 183,906,056 ordinary shares outstanding as of June 30, 2025.
• The shares are held directly by BK LC Lux MidCo S.a r.l., with its management controlled through a series of entities ultimately by James Michael Chu and Scott Arnold Dahnke.
• This filing is an Amendment No. 2 to a Schedule 13G, updating previous beneficial ownership disclosures.

Sentiment

Score: 7

Explanation: The filing is a routine beneficial ownership disclosure, indicating a stable and concentrated ownership structure, which can be viewed positively for long-term strategic alignment. No negative information is presented.

Positives

• Significant ownership by a group of related entities and individuals indicates a concentrated and potentially stable shareholder base.
• The substantial 62.5% stake suggests strong alignment of interests between these major shareholders and the company's long-term performance.

Negatives

• No specific negative financial or operational information is disclosed in this beneficial ownership filing.

Risks

• Concentrated ownership by a single group could potentially limit the influence of minority shareholders in corporate governance decisions.

Future Outlook

Not applicable, as this filing is a beneficial ownership disclosure and does not contain forward-looking statements or guidance.

Management Comments

• Not applicable, as this filing is a beneficial ownership disclosure and does not contain direct management comments from Birkenstock Holding plc.

Industry Context

This filing highlights the continued significant ownership of Birkenstock Holding plc by entities associated with L Catterton, a global private equity firm, which acquired a majority stake in the company in 2021. This concentrated ownership structure is common for companies that have recently transitioned from private to public ownership, reflecting the ongoing influence of pre-IPO investors in the luxury and consumer goods sector.

Comparison to Industry Standards

• The 62.5% beneficial ownership by a single group is a substantial stake, typical for companies where a private equity firm retains a controlling interest post-IPO, similar to how other consumer brands like Dr. Martens or Allbirds might have had significant institutional or founder ownership after their public listings.
• This level of ownership provides the controlling group, including L Catterton's principals, significant influence over strategic decisions, which is a common characteristic in the luxury and premium consumer goods industry where brand stewardship and long-term vision are paramount.

Related Party Transactions

• Not applicable, as this filing is a beneficial ownership disclosure and does not detail specific related party transactions beyond the ownership structure itself.

Stakeholder Impact

• Shareholders: The concentrated ownership by a single group may limit the influence of minority shareholders but could also provide stability and a clear strategic direction.
• Management: The controlling shareholders likely have significant influence over management decisions and corporate strategy.

Next Steps

• Not applicable, as this filing is a beneficial ownership disclosure and does not outline future actions or milestones for the company.

Key Dates

Recommendation

This Schedule 13G filing is a routine disclosure of beneficial ownership and does not contain new financial or operational information that would warrant a change in investment recommendation. The filing confirms a stable, concentrated ownership structure, which is generally neutral to slightly positive for long-term stability but provides no new catalysts for a 'buy' or 'sell' decision.

Keywords

Birkenstock, ownership, beneficial ownership, Schedule 13G, L Catterton, footwear, luxury goods, private equity