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Allbirds, the Silicon Valley-backed shoe company known for its Merino wool sneakers, has been sold for $39 million after struggling to capture a wide customer base and turn a profit, despite once being valued at $4 billion.
The Wall Street Journal investigates the market for comfortable footwear, seeking out potential successors to the popular Allbirds brand.
Allbirds, once valued at over $4 billion on its first day of trading, has seen its market capitalization plummet from a $2.2 billion IPO to just $39 million, marking a significant decline.
Sustainable footwear company Allbirds is set to be acquired by American Exchange Group in a transaction valued at $39 million, with American Exchange Group acquiring Allbirds' assets.