German sandal maker Birkenstock has spent decades convincing shoppers that what might appear, at first glance, unattractive is actually desirable. That power will now be tested on Wall Street. The company's initial public offering priced the shares at $46 each, valuing the firm at roughly $8.6bn (£7.08bn) - double its worth in 2021. But shares started trading lower, reflecting doubts about how much more room there is to grow. The company, which traces its roots to an 18th Century cobbler and released its first sandal in 1963, has already come a long way. It found its first fans among hippie types drawn to the shoes' flexible, but sturdy support. Last year the company sold some 30 million pairs of shoes- despite lingering scepticism. The brands appearance in the recent Barbie movie increased demand by 340%. As shares start trading on the New York Stock Exchange, investors are facing the question of whether the company can maintain its momentum - and whether opening the firm up to the pressure of public markets for the first time in its long history will hurt or help.
