Once Valued at $4 Billion, Shoe Brand Allbirds Sells for Just $39 Million

Everyone was focused on comfort at the start of the decade. Obviously, there was this little thing called the pandemic that forced the world to stay indoors; thus, comfort-driven everything was generating buzz. In footwear, we had a wave of new foam-based slides and slip-ons, but there was also a brand that you may have forgotten about: Allbirds. You remember, right? Well, today, American Exchange Group just purchased the company, once valued at over $4 billion, for just $39 million.

Originally founded in 2015, Allbirds steadily grew in popularity among the “tech bro” market and was spotted on the likes of President Barack Obama, but before the official beginning of the brand, co-founder Tim Brown raised $119,000 on Kickstarter in just five days. Over the next five years, the brand continued to receive funding from investors, reaching a valuation of $1.4 billion in 2018. Then, in 2021, the brand’s IPO raised $348 million, with the company then valued at over $4 billion.

Not only were they expanding into new markets and opening brick-and-mortar storefronts, but they also began to get in on the collaboration game. Allbirds famously teamed up with adidas in 2022 on a co-designed silhouette, the Adizero 2.94 kg CO2e, referring to the low carbon footprint required to produce the sneaker. Multiple colorways of the model released, but this was also the start of the brand’s decline in popularity.

Allbirds’ other offerings, including high-priced apparel and other footwear models, failed to reach the same levels of popularity as their original shoes. A steady decrease in revenue since reaching $298 million in 2022 (recent reports put their projected revenue for 2025 under $200 million), getting sued by investors, and a shuttering of storefronts across the globe spelled disaster for the brand. Then, on March 30, 2026, American Exchange Group purchased the company for $39 million.

Unfortunately, the future of Allbirds is still grim. According to Bloomberg, the company will be seeking stockholder approval of this sale to American Exchange Group and a dissolution of the Allbirds company by the end of April.

For more updates on the latest happenings in the sneaker world, download the Sole Retriever mobile app.

Nicholas Vlahos

Sneakerhead from South Florida who turned his passion into a career. When not writing for Sole Retriever, I enjoy attending concerts, catching the latest movies, and trying new food. For tips, reviews, or any shoes in a size 13, email nick@soleretriever.com