Birkenstock shares fall 12.6% after landing on the US stock market

Shoemaker lands on NYSE with $7.5bn valuation as investors bet there was less mileage in consumer demand for its sandals

Shares in Birkenstock fell 12.6% after landing on the US stock market, valuing the German shoemaker at $7.5bn as investors bet there was less mileage in consumer demand for its cork-soled sandals, which have become an unlikely fashion success story.

On Tuesday evening the footwear firm priced its shares at $46 ahead of the first day of trading in New York, where it is using the symbol BIRK". That figure was in the middle of the $44 to $49 guidance provided last week and valued the company at $8.6bn (7bn).