Read this Friday’s edition of the FolhaMercado newsletter (13) – 10/13/2023 – Market

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From the feet of hippies to the New York Stock Exchange

The German Birkenstock went from being an out-of-fashion sandal brand to becoming a symbol of cool young people. That fashion success story is now put to the test on the New York Stock Exchange, where the 249-year-old company debuted this week.

Orthopedic-looking sandals until the 2010s were often associated with healthcare professionals, teachers, off-duty walkers and hippies.

Everything started to change in 2012when a fur-lined version of the Birkenstock walked the runway at Paris Fashion Week, sparking industry excitement and glowing articles.

Who also helped to popularize it was Steve Jobs. The Apple co-founder was often seen wearing a worn brown pair of the sandals, which sold for $218,750 at auction last year.

This year, Birkenstock even became a “Barbie” scene, generating a spike in online searches for the sandals, which cost from 40 euros (around R$214.30).

For limited edition luxury styles, this value can be 40 times higher, reaching US$1,700 (R$8,583).

In numbers:

• 30 million of pairs of Birkenstock sandals were sold in 2021;

• 1.24 billion euros (R$6.6 billion) was the German company’s revenue last year, a jump in relation to 292 million euros (R$ 1.56 billion) in 2014;

• Rated in US$9 billion was the company’s market value on its debut on the Stock Exchange Wednesday (11), but the shares have accumulated a drop of around 20% in two trading days.

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To watch

Based on the book by journalist Jamie Ducharme, the documentary tells the story of a startup created by two Harvard students who aimed to minimize the risks of nicotine use by humans and, thus, put an end to cigarettes.

Jull’s vapes (electronic cigarettes) hit the market in 2015, with eye-catching advertisements that promised an alternative to cigarette use. The inspiration for creating the devices was Apple, a reference in creating products that appeal to the public.

The result was achieved, and the demand for vapes exploded. Despite the initial intention of attracting cigarette smokers, electronic cigarettes began to be used by children and adolescents who were not attracted to tobacco use, and a public health problem arose.

Criticism about Jull increased in 2018, when the company was purchased by the largest cigarette company in the US – the representative of a sector that the startup swore would implode when it emerged.

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Return to work and smart offices

The return to offices has created new challenges for smart building management systems.

Understand: The more flexible working model freed up the requirement for floors full of tables and chairs for each employee, as they do not necessarily occupy offices at the same time.

On days when the office is less used, such as Fridays, part of the equipment can be turned off, such as the air conditioning in rooms that are not being used, which generates savings for the company.

To be able to manage all of this, companies need data: how many employees are in person each day, which rooms are being used, etc.

In numbers: Despite companies’ interest in returning to home working, in large American cities, such as New York, employment revolves around 50% from the pre-Covid level.

Among workers in technology-related areas, the percentage that is fully remote or hybrid in the US is expected to represent 71% of the workforce in 2023 and 67% in the United Kingdom, according to a Gartner survey carried out in March 2023.

What can help workers when negotiating with their boss to adopt a remote or hybrid model is the booming job market.

• The share of the working-age population employed in the 38 OECD member countries exceeded 70% for the first time since 2005.