L Catterton is set to launch an initial public offering of Birkenstock as soon as September that may value the iconic footwear maker at more than $8 billion, people with knowledge of the matter said.

The private equity firm backed by luxury French fashion house LVMH is working with Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential listing of Birkenstock in the US, Bloomberg News reported earlier this month.

A listing could value the German sandal maker at as much as $10 billion, according to one of the people. The company’s sales have been boosted of late by the blockbuster Barbie movie, which stars Margot Robbie in the title role donning a pair of pink Birkenstocks in one scene.

Deliberations are ongoing and no final decisions on the size or timing of an IPO have been taken, the people said, asking not to be identified discussing confidential information. Representatives for Birkenstock and L Catterton declined to comment.

Founded nearly 250 years ago, Birkenstock has become a high-fashion brand, launching collaborations with luxury names such as Dior, Manolo Blahnik and Valentino, and spawning variants from labels including Celine and Givenchy. Its sandals have been sold in the US since 1966.

Birkenstock saw revenue rise 29 percent to roughly €1.2 billion ($1.3 billion) last year, leading to adjusted earnings of €394 million, according to a lender presentation seen by Bloomberg News. It’s been investing heavily in building out its production sites in Germany, including a new €120 million factory in Pasewalk, a town north of Berlin.

An IPO of Birkenstock would come more than two years after L Catterton and the family investment company of billionaire Bernard Arnault acquired a majority stake in the business, valuing it at about €4 billion.

The US market for IPOs looks like it’s finally coming back to life after 18 months in the doldrums, boosted by the recent success of restaurant chain Cava Group Inc.’s debut.

By Swetha Gopinath, Ruth David and Eyk Henning

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The private equity firm L Catterton is considering strategic options for Birkenstock including an initial public offering, according to people familiar with the matter.