An employee adjusts a display of sneakers at a Golden Goose SpA store in Mayfair, London, England, Monday, December 4, 2023. The valuation ranges from US$3 billion ($3.3 billion) to US$4 billion. Photographer: Jason Olden/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Italian sportswear brand Golden Goose postponed its Milan IPO, citing “significant deterioration” in market conditions caused by European Parliament elections and calls for snap elections in France.
Golden Goose, known for its distressed sneakers popular with celebrities such as Taylor Swift, has a target market value of 1.86 billion euros ($2 billion).
The company said in a statement on Tuesday that “the current market backdrop is not suitable for the company to list”, adding that it would re-evaluate an initial public offering in due course.
Golden Goose said that the calls for European Parliament elections and French elections have not only affected the European market, but especially the luxury goods industry.
It stressed that the brand’s IPO process had involved “extensive engagement” with investors. The first day of trading is scheduled for Friday.
France’s far-right National Rally (RN) party wins 31% of the vote The recent European Parliament elections prompted French President Macron to announce early national elections.
The RN party’s record gains have sparked protests across France, with demonstrators fighting back against rising nationalist sentiment. French CAC 40 It fell more than 6.2% last week, the largest weekly drop since March 2022.
Golden Goose, owned by private equity firm Permira, announced last week that Invesco had pledged €100 million as a cornerstone backer for the listing.
– CNBC’s Ganesh Rao contributed to this report.
About The Author
