BIRD - Allbirds looks for disruption with the first net zero carbon shoe

2023-07-03 06:49:58 ET

Allbirds ( NASDAQ: BIRD ) is hoping to shake up the footwear industry with the unveiling of the world's first net zero carbon shoe. The company's M0.0NSHOT shoe was revealed for the first time at the Global Fashion Summit in Copenhagen.

In an interesting twist, San Francisco-based Allbirds ( BIRD ) outsourced the toolkit for the shoe to other industry players as part of a commitment to environmental responsibility. "This is one small step for Allbirds – but it could be one giant leap for the footwear industry, if others join us. Unlike the space ‘race’, this is a relay – we’re all on the same side," said Allbirds ( BIRD ) CEO Tim Brown.

BTIG analyst Janine Stitchter said the firm is encouraged by the Allbirds ( BIRD ) development and the company's progress towards cutting their per-unit carbon footprint in half by the end of 2025.

"We believe this shoe, along with the call-to-action to retailers, will reinforce Allbirds' leadership position in sustainability."

However, Stitcher warned that consumers are more price sensitive in the current environment and could be less willing to pay up for sustainable options. She reminded investors that recent surveys showed affordability is the leading concern of global consumers.

Shares of Allbirds ( BIRD ) rose 1.59% in premarket trading to $1.28 vs. the 52-week trading range of $1.03 to $5.74. The stock trades below the 100-day and 200-day moving averages.

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