Luxury sneaker brand Golden Goose SpA is preparing to launch an initial public offering (IPO) in Milan as early as this week, according to sources familiar with the matter, reports Bloomberg.
Golden Goose, known for its handcrafted Italian shoes featuring weather-beaten designs and a prominent star, is drawing comparisons to puffy jacket maker Moncler SpA. Investors are likely to value Golden Goose at approximately 11 times this year’s estimated earnings, putting the company’s worth at around €3 billion ($3.3 billion), including net debt, according to Bloomberg calculations. The brand's popularity among celebrities like Selena Gomez and Taylor Swift adds to its appeal, with a pair of Ball Star Wishes sneakers for men priced at $740 on the company's website.
Permira acquired Golden Goose for €1.3 billion in 2020. At IPO pitch meetings late last year, bankers wore the brand’s sneakers with sharp suits to impress prospective clients and vie for roles in the deal, Bloomberg News reported in November.
The new stock is expected to begin trading before July, according to the sources. This move continues the robust resurgence in European listings this year.
Golden Goose is expected to announce its intention to float following positive feedback from prospective investors, the sources said, requesting anonymity due to the private nature of the information. Discussions are still ongoing, and details such as the timeline and size of the offering may change, the sources added. Representatives for Golden Goose and its owner, private equity firm Permira, declined to comment.
However, Golden Goose is entering the market at a time when the luxury sector is experiencing a slowdown. Last month, Kering SA reported an 18% drop in first-quarter sales for its Gucci brand due to weak demand in China. Similarly, larger rival LVMH saw a 2% increase in organic sales for fashion and leather goods in the first quarter, down from 18% growth a year earlier.
Golden Goose, known for its handcrafted Italian shoes featuring weather-beaten designs and a prominent star, is drawing comparisons to puffy jacket maker Moncler SpA. Investors are likely to value Golden Goose at approximately 11 times this year’s estimated earnings, putting the company’s worth at around €3 billion ($3.3 billion), including net debt, according to Bloomberg calculations. The brand's popularity among celebrities like Selena Gomez and Taylor Swift adds to its appeal, with a pair of Ball Star Wishes sneakers for men priced at $740 on the company's website.
Permira acquired Golden Goose for €1.3 billion in 2020. At IPO pitch meetings late last year, bankers wore the brand’s sneakers with sharp suits to impress prospective clients and vie for roles in the deal, Bloomberg News reported in November.
The new stock is expected to begin trading before July, according to the sources. This move continues the robust resurgence in European listings this year.
Golden Goose is expected to announce its intention to float following positive feedback from prospective investors, the sources said, requesting anonymity due to the private nature of the information. Discussions are still ongoing, and details such as the timeline and size of the offering may change, the sources added. Representatives for Golden Goose and its owner, private equity firm Permira, declined to comment.
However, Golden Goose is entering the market at a time when the luxury sector is experiencing a slowdown. Last month, Kering SA reported an 18% drop in first-quarter sales for its Gucci brand due to weak demand in China. Similarly, larger rival LVMH saw a 2% increase in organic sales for fashion and leather goods in the first quarter, down from 18% growth a year earlier.