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Key Facts
• Allbirds founded in 2015, rose quickly with wool sneakers.
• IPO on Nasdaq in November 2021; stock surged 90% first day.
• Peak valuation reached $4 billion (¥634 billion) at IPO.
• From 2022, quarterly revenue declined continuously.
• Q3 2025 revenue dropped 23.3% year-on-year to $33 million (¥5.23 billion).
• Store count shrank from 58 in 2022 to 23 by September 2025.
• In January 2026, announced closure of all US full-price stores by February.
• March 2026, acquired by American Exchange Group for $39 million (¥6.18 billion).
• Founders: Tim Brown (ex-New Zealand soccer vice-captain) and Joey Zwillinger (former biotech VP).
• 2016: Raised nearly $120,000 via Kickstarter in 5 days.
• 2016: Obtained B Corp certification for sustainability.
• 2017: Named “Silicon Valley uniform” by The New York Times.
• 2020: Released “Dasher” running shoes; partnered with Adidas on low-carbon sneakers.
• 2021: Sales grew to $219 million; losses widened to $25.9 million.
• SEC challenged claim of “first sustainable IPO”; Allbirds retracted it.
• 2022: Entered wholesale with Zalando, Public Lands, Nordstrom.
• Market shifted away from D2C; stock price fell below $5 within 8 months post-IPO.
• 2023 Q1 sales down 13%; announced restructuring and product focus shift.
• 2023: Released updated Wool Runner 2 and new models “Risers” and “Pacers”.
• 2023 full-year sales down 14.7%; net loss $152.5 million.
• CEO transition: Joey Zwillinger stepped down; Joe Vernachio promoted.
• 2025 Q3 loss exceeded $20 million; business continuity questioned.
• Stock price dropped over 50% from March 2025 to March 2026.
• Post-acquisition, stock rose 24% in after-hours to $3.70 per share.
Summary
Allbirds, once a celebrated sustainable sneaker brand and “Silicon Valley uniform,” experienced a rapid rise after its 2015 founding and 2021 Nasdaq IPO, where its valuation peaked at $4 billion. Despite early success and innovations like the “Dasher” running shoe and Adidas partnership, the company faced continuous revenue declines from 2022 onward. Market shifts away from direct-to-consumer models and increasing losses pressured Allbirds to expand wholesale partnerships and restructure. Leadership changes and product refocusing failed to reverse the downward trend. By early 2026, Allbirds announced major store closures and was acquired by American Exchange Group for a mere $39 million, a fraction of its peak value. This marked a stark fall from grace for the once high-flying venture, highlighting challenges in sustaining growth amid evolving consumer preferences and market dynamics.
