Miles McCormick: Last year was just an outlier, and these companies made huge profits on the back of oil and gas prices soaring to really high levels after Russian trade. So I suppose what we're seeing this year is more of a return to normal on the pricing front and on the profit front. Sources told the FT that Birkenstock could be valued at more than $8 billion. The private equity firm that owns the iconic German sandalmaker, Elle Catterton, may go public in September.