The rise of Birkenstock: The shoe brand that turned an ugly hippie sandal into coveted fashion statement raised $1.48 billion in its IPO

• Birkenstock raised $1.48 billion in an initial public offering on Wednesday. 
• The shoe brand, known for its comfortable cork-sole sandals, has gained popularity in recent years.
• But it wasn't always known as a fashion staple. It was first worn in the US by hippies in the '60s and '70s.

Birkenstock, the shoe brand known for its comfortable cork-sole sandals, raised $1.48 billion in an initial public offering on Wednesday.