Allbirds' shares have dropped over 95% since its IPO in 2021 following rapid growth and deep losses. Revenue peaked at $297.8 million in 2022 but fell by over a third by 2024. The company reported a 23% decline in second quarter sales. Co-founder Tim Brown and CEO Joe Vernachio are refocusing on versatile shoes using sustainable materials while reducing store locations and ceasing expansion into other product categories. The company previously expanded too quickly with a wide product assortment and too many retail locations, leading to its current challenges.
Allbirds' shares have lost more than 95% of their value since going public, despite initial success with eco-friendly wool sneakers, showing the volatility of retail markets.
Revenue for Allbirds peaked at $297.8 million in 2022 but fell by more than a third by 2024, underscoring challenges in maintaining sales amid a competitive market.
The company has adopted a new strategy focused on versatile, sustainable shoes while closing underperforming stores and abandoning unsuccessful expansion attempts into categories like leggings and performance running shoes.
After rapid growth and missteps, including a wide product assortment and expansion into too many stores, Allbirds scaled back its U.S. locations from 45 to 21.
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