An employee adjusts a display of sneakers inside a Golden Goose SpA store in the Mayfair district of London, UK, Monday, December 4, 2023. Nearly a dozen banks are vying for roles in a potential IPO for Golden Goose in Milan, with valuations ranging Between 3 billion ($3.3 billion) to 4 billion. Photographer: Jason Alden/Bloomberg via Getty Images
Bloomberg | Bloomberg | Getty Images
Italian sportswear brand Golden Goose has postponed its initial public offering in Milan on the basis that the European Parliament elections and the call for early elections in France have led to a “significant deterioration” in market conditions.
Golden Goose, known for its worn-out sneakers and made famous by celebrities such as Taylor Swift, had aimed to achieve a market value of 1.86 billion euros ($2 billion).
“The current market background is not the right environment for the company to go public,” the company said in a statement on Tuesday, adding that the IPO will be re-evaluated in due course.
Golden Goose said that the European Parliament elections and the call for general elections in France not only affected markets in Europe, but also the luxury goods sector in particular.
She stressed that the brand’s IPO process had been “done extensively” with investors. The first trading day was scheduled to be Friday.
The far-right National Rally party won in France 31% of the votes In the recent European Parliament elections, French President Emmanuel Macron pushed for early national elections.
The National Rally’s record gains sparked nationwide protests in France as demonstrators resisted rising nationalist sentiment. The French CAC 40 index lost more than 6.2% last week, recording its worst weekly loss since March 2022.
Golden Goose, owned by private equity firm Permira, announced last week that Invesco had committed €100 million to the listing as a lead backer.
– CNBC’s Ganesh Rao contributed to this report.
“Infuriatingly humble alcohol fanatic. Unapologetic beer practitioner. Analyst.”