July 20, 2024

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Luxury sports brand Golden Goose postpones plans for Milan listing

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Italian luxury sports brand Golden Goose, famous for its distressed-looking trainers popular among celebrities such as Taylor Swift, has postponed plans for an imminent listing in Milan that would have been among the highest-profile initial public offerings in Europe this year

The company, which is owned by British private equity group Permira, said on Tuesday that it had pushed back the deal due to “the significant deterioration in market conditions following European parliament elections this month and the calling of a general election in France”, which has affected markets and the luxury sector in particular. 

People familiar with the talks on the listing said the last-minute decision had followed a day of frantic discussions, and while the company was not worried about the launch price, concerns had mounted about a potential unjustified market reaction after the IPO.

The postponement comes just a day before Golden Goose had been set to price, and after bankers on the deal indicated earlier on Tuesday that the IPO was likely to be positioned towards the bottom of the marketed range. 

One other person familiar with the talks said the price would probably have been set at about €9.75, which was considered “fair”.

However, the high volatility of comparable stocks in recent weeks pushed management and Permira to opt for a postponement.

Golden Goose had been seeking to raise roughly €600mn at a market capitalisation of nearly €2bn. 

Chief executive Silvio Campara, who is the company’s second-largest shareholder and has been at its helm for six years, told the Financial Times last month that the “IPO is not a one-shot deal” and that prospective investors were “very excited about the story and [willing to support the group] along this journey on the good and bad days” in spite of market turbulence.

Campara said the IPO…

2024-06-18 17:47:08

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