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Allbirds

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Allbirds, Inc.
Company typePublic
Nasdaq: BIRD (Class A)
IndustryFootwear
Founded2016; 8 years ago (2016)
Founders
HeadquartersSan Francisco, California, US
Number of locations
35 (December 2021)[1]
RevenueIncrease US$277.5 million (2021)[1]
Number of employees
710 (December 2021)[1]
Websiteallbirds.com

Allbirds, Inc. is an 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] Allbirds uses a direct-to-consumer model, selling its products exclusively through its website and retail stores, to avoid the low margins associated with the wholesale selling model.[5]

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.[6] He had previously attended business school and used to make leather shoes for friends but was aware of how uncomfortable they were.[7] 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.[8][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.[9][8] The name Allbirds is a reference to New Zealand having almost no native land mammals. It is a land of "all birds".[10]

During their first year in business, the company raised US$7.25 million from investors including Maveron, Lerer Hippeau Ventures and other firms.[11][3] In December 2017, Allbirds sued Steve Madden, alleging that the company's Traveler shoes look nearly identical to its Wool Runners.[12]

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.[7] In the end of 2017 the company launched in Australia.[13] In October 2018, the company raised US$50 million in Series C funding, bringing its total valuation to US$1.4 billion.[14] The company went public on the Nasdaq on 3 November 2021 under the ticker symbol BIRD.[15]

Products

The company launched with one product, the Wool Runners casual sneakers.[16] The company has since expanded to offer other footwear, including running shoes and flip flops as well as apparel.[17][18]

Allbirds has collaborated with other brands to produce limited edition products, including Outdoor Voices and Nordstrom.[19][20] In May 2020, Allbirds announced a partnership with Adidas.[21]

Further reading

  • 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.

References

  1. ^ a b c "Allbirds, Inc. 2021 Annual Report (Form 10-K)". U.S. Securities and Exchange Commission. 16 March 2022.
  2. ^ a b "The World's Most Comfortable Shoes Are Made of Super-Soft Wool". Time. Retrieved 7 February 2017.
  3. ^ 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.
  4. ^ "These Sneakers Are Affordable, Sustainable, and Genuinely Stylish". Esquire. 2 March 2017. Retrieved 30 March 2017.
  5. ^ "Can Allbirds Live Up to Its $1 Billion Valuation?". Bloomberg News. 19 February 2021. Retrieved 15 April 2021.
  6. ^ "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.
  7. ^ 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.
  8. ^ a b "Allbirds is Shaking Up the Sneaker Market With a Pair of Wool Shoes". Observer. 19 April 2016. Retrieved 7 February 2017.
  9. ^ Coscarelli, Alyssa (27 December 2016). "The Comfiest Sneakers Ever Aren't What You'd Expect". Refinery29. Retrieved 7 February 2017.
  10. ^ 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.
  11. ^ Roof, Katie. "Allbirds raises $7.25 million, unveils new shoe colors". TechCrunch. Retrieved 7 February 2017.
  12. ^ Spellings, Sarah (13 December 2017). "Steve Madden Sued by Sustainable Start-up". The Cut. Retrieved 5 August 2018.
  13. ^ Farra, Emily. "Allbirds expands to Australia, eyes further global markets for 2018". nzherald. Retrieved 22 December 2017.
  14. ^ 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.
  15. ^ Thomas, Lauren (25 October 2021). "Allbirds targets a more than $2 billion valuation in upcoming IPO". CNBC. Retrieved 26 October 2021.
  16. ^ Vella, Matt (1 March 2016). "The World's Most Comfortable Shoes Are Made of Super-Soft Wool". Time. Retrieved 4 December 2020.
  17. ^ LeSavage, Halie (1 August 2018). "Allbirds Just Released Its First Sandals". Glamour. Glamour. Retrieved 4 December 2020.
  18. ^ Verry, Peter (28 April 2020). "Allbirds Is Now Making Running Shoes". Footwear News. Footwear News. Retrieved 4 December 2020.
  19. ^ Cleary, Alison Syrett (16 November 2017). "This Allbirds x Outdoor Voices Collab is a Match Made in Athleisure Heaven". InStyle. Retrieved 9 June 2018.
  20. ^ 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.
  21. ^ Farra, Emily. "Adidas and Allbirds Are Joining Forces—And Rewriting the Rules of Competition". Vogue. Retrieved 19 October 2020.
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