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The rise and fall of Allbirds: The sneaker company, once valued at $4 billion, just sold for $39 million
- American Exchange Group agreed to acquire Allbirds for $39 million, with closing expected in Q2 2026.
- Allbirds faced years of declining revenue and mounting losses after its 2021 IPO.
- The company reduced its store footprint and shifted toward wholesale partnerships amid profitability concerns.
- Allbirds highlighted a four-part strategic transformation aimed at profitability in 2023.
- The sale follows leadership changes, including Brown stepping into a new role and Zwillinger leaving as CEO.
- Allbirds reported a 14.7% drop in 2023 sales with a net loss of $152.5 million.
- Allbirds planned to close most remaining stores in the US, concentrating on a few markets.
- Allbirds introduced new products and partnerships, including the Dasher and Adidas collaboration, to fuel growth.
- Despite early hype, Allbirds' stock fell from $28.64 at IPO to under $5 within eight months.
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