Birkenstock prices L Catterton entity’s secondary offering at $54/share

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

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

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

In May, Birkenstock raised its annual revenue and core profit forecasts, betting on full-price selling and strong demand for its cork-based sandals and newer closed-toe styles mainly at its own stores.