Allbirds, Inc.
Company typePublic
NasdaqBIRD (Class A)
IndustryFootwear
Founded2016; 8 years ago (2016)
Founders
HeadquartersSan Francisco, California, US
Number of locations
58 (2022)
RevenueIncrease US$298 million (2022)
Decrease US$−100 million (2022)
Decrease US$−101 million (2022)
Total assetsDecrease US$462 million (2022)
Total equityDecrease US$317 million (2022)
Number of employees
c. 1,000 (2022)
Websiteallbirds.com
Footnotes / references
[1]

Allbirds, Inc. is a New Zealand and American company that sells footwear and apparel.[2] The company claims to keep its products as eco-friendly as possible and is a certified B Corporation.[3][4][5] Allbirds uses a direct-to-consumer model in conjunction with distribution via select additional stores, selling its products through its website and retail stores in addition to select Nordstrom and Dick's Sporting Goods locations. [6][7]

History

US Congressman Jared Huffman speaking at Allbirds in San Francisco in 2020

Allbirds co-founder Tim Brown got the idea for the company while he was vice captain of the New Zealand football team.[8] He had previously attended business school and used to make leather shoes for friends but was aware of how uncomfortable they were.[9] In 2014, he received a research grant from the New Zealand wool industry to engineer a sneaker. He then launched his idea on Kickstarter, raising US$119,000 in five days.[10][2] After launching on Kickstarter, Brown teamed up with Joey Zwillinger, a biotech engineer and renewable materials expert. They began developing their process and officially launched Allbirds in March 2016.[11][10] The name Allbirds is a reference to New Zealand having almost no native land mammals, being a land of "all birds".[12]

During their first year in business, the company raised US$7.25 million from investors including Maveron, Lerer Hippeau Ventures and other firms.[13][4] In December 2017, Allbirds sued Steve Madden, alleging that the company's Traveler shoes look nearly identical to its Wool Runners.[14]

As of 2017, the company had 50 employees in their headquarters in San Francisco, US; 40 employees at its warehouse in Nashville, US; and 350 contractors in a factory in South Korea.[9] In the end of 2017 the company launched in Australia.[15] In October 2018, the company raised US$50 million in Series C funding, bringing its total valuation to US$1.4 billion.[16] The company went public on the Nasdaq on 3 November 2021 under the ticker symbol BIRD.[17]

Products

The company launched with one product, the Wool Runners casual sneakers.[18] The company has since expanded to offer other footwear, including running shoes and flip flops as well as apparel.[19][20]

In 2018, New Zealand Prime Minister Jacinda Ardern gifted Australian Prime Minister Malcolm Turnbull a pair of Allbirds sneakers during a state visit to Australia.[21]

Allbirds has collaborated with other brands to produce limited edition products, including Outdoor Voices and Nordstrom.[22][23] In May 2020, Allbirds announced a partnership with Adidas.[24]

See also

References

  1. ^ "Allbirds, Inc. 2022 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 10 March 2023.
  2. ^ a b "The World's Most Comfortable Shoes Are Made of Super-Soft Wool". Time. Retrieved 7 February 2017.
  3. ^ Marikar, Sheila (September 21, 2020). "Allbirds is stepping up for the planet—by treading lightly on it". Fortune. Archived from the original on October 11, 2020. Retrieved October 11, 2020.
  4. ^ a b Findling, Deborah (1 January 2017). "This eco-friendly sneaker is attracting celebrities without the benefit of a big brand name". CNBC. Retrieved 7 February 2017.
  5. ^ "These Sneakers Are Affordable, Sustainable, and Genuinely Stylish". Esquire. 2 March 2017. Retrieved 30 March 2017.
  6. ^ "Can Allbirds Live Up to Its $1 Billion Valuation?". Bloomberg News. 19 February 2021. Retrieved 15 April 2021.
  7. ^ Thomas, Lauren. "Allbirds to start selling its shoes in select Nordstrom department stores". CNBC. Retrieved 13 December 2022.
  8. ^ "We tried 'the world's most comfortable shoes' to see if they're as great as everyone says they are". Business Insider. Retrieved 3 November 2017.
  9. ^ a b Bowles, Nellie (11 August 2017). "To Fit Into Silicon Valley, Wear These Wool Shoes". The New York Times. ISSN 0362-4331. Retrieved 19 October 2017.
  10. ^ a b "Allbirds is Shaking Up the Sneaker Market With a Pair of Wool Shoes". Observer. 19 April 2016. Retrieved 7 February 2017.
  11. ^ Coscarelli, Alyssa (27 December 2016). "The Comfiest Sneakers Ever Aren't What You'd Expect". Refinery29. Retrieved 7 February 2017.
  12. ^ Huddleston, Tom Jr. (18 December 2018). "How Allbirds went from Silicon Valley fashion staple to a $1.4 billion sneaker start-up". CNBC. Retrieved 1 February 2021.
  13. ^ Roof, Katie (7 September 2016). "Allbirds raises $7.25 million, unveils new shoe colors". TechCrunch. Retrieved 7 February 2017.
  14. ^ Spellings, Sarah (13 December 2017). "Steve Madden Sued by Sustainable Start-up". The Cut. Retrieved 5 August 2018.
  15. ^ Farra, Emily. "Allbirds expands to Australia, eyes further global markets for 2018". nzherald. Retrieved 22 December 2017.
  16. ^ Copeland, Rob (11 October 2018). "Trendy Sneaker Startup Allbirds Laces Up $1.4 Billion Valuation". Wall Street Journal. ISSN 0099-9660. Retrieved 16 October 2018.
  17. ^ Thomas, Lauren (25 October 2021). "Allbirds targets a more than $2 billion valuation in upcoming IPO". CNBC. Retrieved 26 October 2021.
  18. ^ Vella, Matt (1 March 2016). "The World's Most Comfortable Shoes Are Made of Super-Soft Wool". Time. Retrieved 4 December 2020.
  19. ^ LeSavage, Halie (1 August 2018). "Allbirds Just Released Its First Sandals". Glamour. Glamour. Retrieved 4 December 2020.
  20. ^ Verry, Peter (28 April 2020). "Allbirds Is Now Making Running Shoes". Footwear News. Footwear News. Retrieved 4 December 2020.
  21. ^ "PM Ardern gifts Turnbull family 'All Birds'". NZ Herald. 31 May 2023. Retrieved 31 May 2023.
  22. ^ Cleary, Alison Syrett (16 November 2017). "This Allbirds x Outdoor Voices Collab is a Match Made in Athleisure Heaven". InStyle. Retrieved 9 June 2018.
  23. ^ Phillips, Kami (12 April 2018). "Nordstrom Now Sells Allbirds, the Cute and Comfy Sneakers Hilary Duff and More Celebs Love". People. Retrieved 9 June 2018.
  24. ^ Farra, Emily (28 May 2020). "Adidas and Allbirds Are Joining Forces—And Rewriting the Rules of Competition". Vogue. Retrieved 19 October 2020.