Birkenstock, the German sandal maker backed by L Catterton, has lined up a €900 million bond sale, its first debt issue since the 2021 acquisition. BNP Paribas and JPMorgan are underwriting the deal.

The move follows a shaky quarter where the brand reported a 14% rise in constant‑currency sales to €618 million but saw operating profit slide. A $250 million accelerated share buyback launched the week after earnings helped lift the stock 19% YTD.

Management now plans to allocate up to an additional $500 million for buybacks or debt refinancing, depending on market conditions. The bond will finance this strategy, tightening the gap between share price and the company’s fundamentals.

With the bond in place, Birkenstock can deploy capital swiftly to support shareholder returns while maintaining liquidity for growth initiatives, solidifying its position in the consumer footwear sector.