Birkenstock, maker of what is affectionately deemed the original ugly sandal, has a luxurious new owner.The German company has been acquired by private equity firm L Catterton, it said in an announcement today.While Birkenstock dates back to at least 1774, L Catterton’s history is a bit shorter, beginning in 2016 when three partners joined forces: LVMH, the luxury giant that owns Louis Vuitton; Groupe Arnault, the family holding company of LVMH boss Bernard Arnault; and Catterton, which was a private equity firm focused on consumer products. Also acquiring a stake in Birkenstock is Financière Agache, Arnault’s family investment company.Read the rest of this story on qz.com. Become a member t
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