Birkenstock may soon file for an IPO showing its iconic sandals business is worth billions and that Wall Street’s appetite for new stocks is back

The private equity firm backed by luxury French fashion house LVMH is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential listing of Birkenstock in the US, Bloomberg News reported earlier this month. 

A listing could value the German sandal maker at as much as $10 billion, according to one of the people. The company’s sales have been boosted of late by the blockbuster Barbie movie, which stars Margot Robbie in the title role donning a pair of pink Birkenstocks in one scene. 

Deliberations are ongoing and no final decisions on the size or timing of an IPO have been taken, the people said, asking not to be identified discussing confidential information. Representatives for Birkenstock and L Catterton declined to comment. 

Founded nearly 250 years ago, Birkenstock has become a high-fashion brand, launching collaborations with luxury names such as Dior, Manolo Blahnik, and Valentino, and spawning variants from labels including Celine and Givenchy. Its sandals have been sold in the U.S. since 1966.

Birkenstock saw revenue rise 29% to roughly €1.2 billion ($1.3 billion) last year, leading to adjusted earnings of €394 million, according to a lender presentation seen by Bloomberg News. It’s been investing heavily in building out its production sites in Germany, including a new €120 million factory in Pasewalk, a town north of Berlin. 

An IPO of Birkenstock would come more than two years after the L Catterton and the family investment company of billionaire Bernard Arnault acquired a majority stake in the business, valuing it at about €4 billion. 

The U.S. market for IPOs looks like it’s finally coming back to life after 18 months in the doldrums, boosted by the recent success of restaurant chain Cava Group Inc.’s debut.