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Allbirds has gone public and the eco-friendly footwear company enlisted Travis Barker to explain why you should care.
In an Instagram post, the Blink 182 drummer is sitting pretty in his bubble bath explaining that Allbirds isn’t just prioritizing profits, but will be held accountable by the planet, thanks to its “Sustainable Public Equity Offering, or SPO.”
This is essentially a framework that defines a private company’s environmental and social goals before their market debut.
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The sustainable brand began trading under the Nasdaq Global Select Market under the symbol BIRD since Tuesday. The stock was soaring above 60% in the first few hours of trading.
The footwear company was founded in 2015 with a goal to create shoes and apparel that are better for the planet. It has risen in popularity over the years due to its focus using sustainably sourced materials, such as tree fiber, sugarcane and crab shells. Allbirds launched its sustainable activewear collection in September, and last month it unveiled its first off-road shoe, the Trail Runner SWT, featuring FSC-certified natural rubber outsoles and SweetFoam midsoles made from sugarcane.
Allbirds is among multiple shoe brands and retail companies that have gone public this year. In August, athletic brand On filed for an IPO — the same month as Allbirds — and made its market debut in September. Authentic Brands Group, which owns various footwear brands including Nine West, Frye, Eddie Bauer, Tretorn and more, filed for an IPO in July — as did plus-size retailer Torrid, which also has a footwear line.