The managements of On Holding and luxury sneaker brand Golden Goose have met, triggering speculation that the Swiss group could buy the Italian brand of premium sneakers, according to Il Sole 24 Ore. The Italian daily adds that sources close to Golden Goose do not deny the meeting but reject rumors that this could lead to the takeover of the Italian brand by On Holding.
Created in 2010, On Holding was listed on the New York Stock Exchange (NYSE) in 2021. Obtaining a stock listing is a priority for Golden Goose, according to the daily.
In June, the Golden Goose Group announced the postponement of its initial public offering (IPO) “as a result of European market volatility.” The Italian brand of luxury sneakers had set a price range of €9.50 to €10.50 per share for the IPO, implying a market capitalization of €1,693 to €1,860 million for the company. The company was planning to float about a third of its capital.
Golden Goose’s sole shareholder is Astrum, controlled by the private equity firm Permira. In 2020, Permira bought an 83 percent stake in Golden Goose for €1.28 billion from Carlyle, which still holds a stake in the shoemaker.
