Germany’s Birkenstock selling majority stake to investors

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How major US stock indexes fared Tuesday

BERLIN (AP) — Germany’s Birkenstock, known for its upmarket sandals, said Friday it is selling a majority stake to private equity firm L Catteron and affiliates including Financière Agache, the family investment company of French billionaire Bernard Arnault.

Birkenstock didn’t disclose the price or further details of the agreement, citing confidentiality agreements between the Birkenstock Group and the other parties. It said the Birkenstock brothers will retain a stake and the transaction is “subject to the usual antitrust audits.”

Birkenstock, which dates its origins back to 1774 and manufactures its products at several sites in Germany, has about 3,000 employees.

The family-owned company said that bringing in new shareholders “is the next logical step for Birkenstock to facilitate further strong growth in future growth markets such as China and India.”

The company said it plans to invest in further developing its direct-to-consumer business and expanding its e-commerce platforms.

CEO Oliver Reichert said that “we enter this partnership with both our traditions as a family business and a commitment to our roots and our employees front-and-center.”

7 Tech Stocks To Buy On Sale

This too shall pass. Those four words should be taped to the computer screen of every investor. If you own shares of the tech sector, you’ve seen your portfolio take quite a hit. Tech stocks were largely immune from the effects of the pandemic.

However, as investors are looking to rebalance their portfolios, tech stocks were obvious targets for some profit-taking. And at the end of the day, that’s what I believe the latest tech selloff amounts to. Stocks don’t move in one direction all the time. Sure, there may be some saber-rattling about breaking up big tech. But with an election in less than two months, nobody will have the political will to do anything.

That doesn’t mean that it’s all going to be smooth sailing. Sure, the Federal Reserve did its part by promising low-interest rates until the end of time (or at least through 2023 whatever comes first). But the rest of 2020 is likely to be volatile for stocks.

First, there’s still the novel coronavirus hanging around. It’s not going to simply disappear after election day. That will take some combination of a vaccine and/or therapeutic. And all the likely candidates seem to be getting farther away the deeper into clinical trials they get.

And we have an election. But we are not likely to know the winner of the election on election night. In fact, for those who remember the spectacle of “hanging chads”, this election could make that one look like amateur hour.

The bottom line is there will be uncertainty. But there are always gains to be found, particularly now that their stock price has come down a little bit. Here are seven tech stocks that you can look to add or increase a position in now that they’re trading at a discount.

View the “7 Tech Stocks To Buy On Sale”.