Golden Goose stops his jump onto the floor. The Italian company sneakers, which had planned to make the leap to the Milan Stock Exchange this Friday, has delayed the operation due to the “volatility of the European market” and indicates that it will reevaluate the Initial Public Offering (IPO) with which it intended to make the leap. Although there is no specific date for entry into the trading floor, the company has indicated that the deadline will be 2025. This is what the company has communicated and has collected. WWD.
The company has directly accused market conditions “after the European Parliament elections and the calling of general elections in France”, which points out that it has impacted the sector, especially luxury. Golden Goose assures that the reception of the news by investors has been “positive” and that it has received strong support from the entire community.
Until now, the operation of the footwear company was going to consist of the placement of one hundred million euros in new shares in the primary tranche, with the possibility of the sale of shares by the current shareholders in a secondary tranche, which would be to achieve a floating capital equivalent to 25% of the outstanding share capital.
Golden Goose has accused the conditions of the European market after the June elections and the advance of the French elections
One of the objectives of the Italian firm with its exit to the Milan stock market was to obtain funds to refinance and redeem its bonds maturing in 2027 early. In addition, the operation of Golden Goose was going to take place at a time of great activity on stock markets around the worldalong with Puig, Douglas or Galderna, among others.
Golden Goose, owned by the British fund Permira after acquiring the Italian brand for 1,280 million euros in 2020, began its life in 2000. The company ended 2023 with sales of 587 million euroswhich represented an increase of 18% compared to 2022.
The company’s operating result increased by 22%, to 149 million euros. The company accelerated thanks to the expansion in retail, after carrying out more than 21 openings during the previous year, close to 200 establishments worldwide. Only in the first quarter of the current year, the company achieved a turnover of 148 million euros, an increase of 11% compared to the same period in 2023.
