The Rise and Fall of Allbirds: The Sneaker Brand’s Plan For Redemption Might Just Be Working
August 14, 2023
Allbirds, a sustainable footwear company founded in 2015, initially gained prominence with its Wool Runner shoe and went public in 2021 with a successful IPO. However, the company faced challenges as its sales slowed down, leading to a decline in stock price and disappointing earnings reports. In response, Allbirds implemented a four-part reorganization plan, focusing on core products like the Wool Runner and Tree Dasher, discontinuing underperforming items, and releasing new products like Risers, Pacers, and SuperLights. The company’s leadership also underwent changes, with co-founder Tim Brown stepping down as co-CEO and focusing on the role of chief innovation officer. Despite these efforts, Allbirds reported a 10% sales decline in the second quarter of 2023, but it remains committed to its strategic transformation toward profitability.
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