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Birkenstock slips on stock market debut

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— Birkenstock fell on its stock market debut Wednesday as German sandal maker struggled to drum up demand in early trade.

Birkenstock Holding ltd (NYSE:) opened at $41 on the New York Stock Exchange, in afternoon trading under the tick “BIRK,” down about 11% from its IPO price of $46 a share.

A large chunk, roughly 90%, of the company’s revenue comes from the Americas and Europe, and the German footwear maker has a broad female following, which make up about 70% of its customers, who are mostly Millennials, Gen X, and Baby Boomers. 

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