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Birkenstock: Exit the Family. Enter a Professional CEO
內容大綱
The case is about Birkenstock, the renowned German shoemaker, and two turning points in its 248-year history: the owner's decision to bring in a professional CEO in 2012, and the sale of a majority stake to a French-American investment firm in 2021. Founded by German cobbler Johann Adam Birkenstock in 1774, the company had always been 100% owned by the same family and managed by a single descendant, a tradition upended in 2002 when Carl Birkenstock, the CEO and owner, handed over his shares and job to his three sons. Ten years later, unable to agree on strategy and with tensions rising in the family, the brothers decided to bring in a professional CEO to put the struggling shoemaker back on its feet. Under the new manager, sales of Birkenstock sandals increased to such an extent that the company attracted the interest of investors. Meanwhile, one of the sons sold his shares to his two brothers, who then instructed the CEO to find a buyer. Offered the opportunity to become billionaires overnight, they sold the company to a private equity firm backed by the world's largest fortune and owner of LVMH, Bernard Arnault.