Birkenstock. Patience over innovation.
Birkenstock has sold the same sandal for 250 years, and Wall Street gave it $10 billion for doing nothing new.
THE GIST ON BIRKENSTOCK: "Patience Over Innovation"
What did the stock market reward Birkenstock for?
Birkenstock went public in 2023 and the market rewarded it for something remarkable: absolutely nothing. A 250 year old sandal is now one of the most valuable footwear companies in the world, with the same design since 1774. It is the classic German philosophy: create something and just do it better than everybody else.
How did one product become three things?
In the 1800s it was orthopaedic footwear. In the 60s it became the hippie sandal. Now it's luxury, collaborating with Dior, Prada and Manolo Blahnik. They've even got a wedding range. Keep the product the same and let the culture evolve around it.
Why does this look genius now?
For 20 years the received logic has been disrupt, innovate, move fast and break things, and look where that got us: fast fashion is collapsing and consumers are exhausted by constant reinvention. Birkenstock did the opposite. The lesson is to only change when the moment comes to you. Being boring and patient might be the most profitable strategy of all.
Boring and patient: smarter than moving fast?
Your take. One tap, then see how everyone else voted.
Quick answers
What was Birkenstock rewarded for on the stock market?
For doing nothing new: it kept the same sandal design it has had since 1774.
How has the sandal changed meaning?
Orthopaedic in the 1800s, hippie in the 60s, luxury now.
What is the lesson?
Only change when the moment comes to you.
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