Birkenstock makes footwear built around a proprietary cork-latex footbed, which the company positions as an orthopedic alternative to walking barefoot. Five core silhouettes — the Madrid, Arizona, Boston, Gizeh, and Mayari — have been in market for over 40 years and drive a significant share of revenue. Birkenstock sells through two channels: B2B wholesale (~62% of revenue) to over 6,000 retail partners globally, and DTC (~38% of revenue) through e-commerce and 97 owned stores. The company sells across three geographic segments: Americas (~52% of revenue), EMEA (~37%), and APAC (~11%), with APAC growing fastest. Revenue growth is driven by unit volume and ASP increases, the latter fueled by targeted price increases and a mix shift toward higher-priced leather and closed-toe styles. Closed-toe styles (clogs and shoes) now represent ~38% of revenue, up from ~28% a few years ago, helping Birkenstock expand beyond warm-weather seasonality. A key structural feature of the business is engineered scarcity — Birkenstock deliberately constrains supply to maintain full-price realization above 90%, avoiding markdowns and supporting pricing power with wholesale partners. The business is production-constrained rather than demand-constrained, meaning growth depends on scaling manufacturing capacity. All manufacturing is EU-based, with footbeds made entirely in Germany. Birkenstock's three growth priorities are closed-toe category expansion, APAC market development, and owned retail (targeting ~150 stores by 2027).