Positive Growth Trajectory and Strategic Flexibility Support Buy Rating for Birkenstock Holding plcWe project growth will be led by a low-30% increase in APAC followed by low-double-digit growth in the Americas and EMEA. Similar to much of the past 18 months, we expect wholesale to outpace DTC growth, with wholesale serving as a strong customer acquisition channel. Birkenstock’s owned production and engineered distribution model inherently provides the agility to move between wholesale and DTC as warranted, with younger consumers, in particular, favoring in-person shopping at multi-brand stores (allowing Birkenstock to begin to build long-term brand affinity with this cohort).