Source: Radio New Zealand
Allbirds footwear company was founded by former All Whites and Phoenix footballer Tim Brown but is now based in the US. Supplied
New Zealand-founded but US-listed footwear company Allbirds is set to be bought by American Exchange Group, a brand management company known for acquiring under-performing consumer labels.
Its US valuation once peaked at US$4.2 billion, but the company was recently threatened with delisting from the Nasdaq after years of falling sales and widespread store closures.
Allbirds’ board has accepted a US$39 million offer from the group, though shareholders still need to approve the deal. The deal is worth around $NZ69m.
The sale would see the Allbirds brand, its intellectual property, and parts of its operations transferred to the buyer – and the listed company wound down.
Allbirds, known for its merino wool sneakers, was founded in 2015 by former All White Tim Brown and Joey Zwillinger, and listed on the Nasdaq in 2021.
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– Published by EveningReport.nz and AsiaPacificReport.nz, see: MIL OSI in partnership with Radio New Zealand
