Golden Goose, the Italian luxury sneaker brand that initially wanted to go public on June 21, announced the postponement of its IPO “as a result of European market volatility.”
While the IPO process was generally very well received, with strong support from the entire investor community, including Invesco, which acted as a cornerstone with a €100 million demand, “the significant deterioration in market conditions following European Parliament elections this month and the calling of a general election in France have impacted European market performance and, in particular, the luxury sector,” the company said in a statement. However, it also conceded that “in this context, Golden Goose’s business is continuing to perform well.”
Member countries of the European Union held elections for the European Parliament between June 6 and 9. Following the outcome of the vote in France, which resulted in a surge for the extreme-right National Rally, French President Emmanuel Macron dissolved the lower house of the country’s parliament and called for a general election that will be held on June 30 and July 7.
Golden Goose Group added that its management and shareholders “believe the current market backdrop is not the right environment to take the company public. An IPO for Golden Goose will be reassessed in due course.”
The period for the offer, which was reserved for institutional investors and consisted of newly issued shares from a capital increase and existing shares sold by the current sole shareholder Astrum, began on June 13 and ended on June 18. The first day of trading on the Milan Stock Exchange was scheduled for June 21, as mentioned above.
The Italian brand had set a price range of €9.50 to €10.50 per share for the IPO, implying a market capitalization of approximately €1,693 million to €1,860 million for the company. The company was planning to float about a third of its capital, including the over-allotment option.
