In the bustling canals of Venice, the famed sneaker brand Golden Goose is making waves with its latest announcement. The brand, under the aegis of British private equity giant Permira, is planning to strut its way into the stock market, aiming to raise a cool €100 million ($108 million) by offering at least 25% of the company to the public.
This move isn’t just about new shares. There’s also a bundle of existing shares up for grabs, though the exact number remains shrouded in mystery. Speculators are abuzz with predictions, valuing Golden Goose at a staggering €3 billion, debt included. This IPO isn’t just about boosting Golden Goose; it’s seen as a potential shot in the arm for Europe’s IPO market, which has been limping along thanks to economic turbulence, pandemic woes, and geopolitical jitters.
Lately, Europe’s IPO landscape has been on the mend, with big names like CVC, Galderma, and Puig making their market debuts.
Golden Goose’s timing is curious, though. The luxury sector is feeling the pinch worldwide, with consumers tightening their belts post-pandemic. Yet, this Italian brand, beloved for its uniquely distressed sneakers that often fetch around €500 a pair, is forging ahead. Celebrities like Selena Gomez and Taylor Swift have all been spotted in these trendy kicks, cementing Golden Goose’s place in the high-end sneaker hall of fame.
Financially, Golden Goose is striding strong. Their latest earnings report boasted net revenues of €587 million for 2023, marking a 17% increase from the previous year’s €501 million. CEO Silvio Campara is optimistic that the IPO proceeds will help slash debt and fuel expansion into younger, vibrant markets in South America, Africa, the Middle East, and India.
All eyes will be on Golden Goose to see if they can navigate the market with the same flair that made their sneakers a global sensation.
(Source: WSJ | Bloomberg | Euro News)
