L Catterton, the private equity firm backed by luxury French fashion house LVMH, is considering strategic options for Birkenstock including an initial public offering, according to people familiar with the matter.

The iconic German sandal maker could be valued at more than $6 billion in an IPO, said one of the people, asking not to be identified because the details are private.

The firm is working with advisers including Goldman Sachs Group Inc. and JPMorgan Chase & Co. on a potential listing in the US, the people said. An IPO could happen this year or next year, the people said.

Deliberations are ongoing and L Catterton could decide against any deal, the people added.

Representatives for L Catterton, Birkenstock and Goldman Sachs and JPMorgan declined to comment.

A transaction would come more than two years after the private equity firm and the family investment company of billionaire Bernard Arnault acquired a majority stake in Birkenstock, valuing the company at $4.9 billion. Brothers Christian and Alex Birkenstock retained a stake in the firm.

Read more: LVMH-Backed L Catterton Buys Iconic Sandal Maker Birkenstock (1)

The US IPO market is showing signs of emerging from a deep slump after restaurant chain Cava Group Inc. raised $366 million last month. The stock is up 78% since then.

A storied brand founded nearly 250 years ago, Birkenstock has become a high-fashion item, launching collaborations with luxury names such as Dior, Manolo Blahnik and Valentino.

(Updates with JPMorgan decline to comment in fifth paragraph.)