London, UK – Italian sportswear brand Golden Goose recently made the decision to postpone its anticipated initial public offering (IPO) in Milan. The company cited the European Parliament elections and the calling of a snap election in France as the primary reasons for this delay, noting that the market conditions had significantly deteriorated.
Golden Goose, known for its trendy distressed trainers often seen on celebrities like Taylor Swift, had aimed for a market capitalization of up to 1.86 billion euros ($2 billion) with its IPO. However, due to the challenging market backdrop in Europe, the company believed it was not the right environment to go public at this time.
In a statement released on Tuesday, Golden Goose acknowledged the impact that recent political events had on both European markets and the luxury sector. The company emphasized that the decision to postpone the IPO was made in the best interest of the brand and its potential investors.
Despite the setback, Golden Goose mentioned that it had engaged with investors extensively throughout the IPO process. The company had been preparing for its first day of trading, which was originally scheduled for Friday before the postponement was announced.
Among the factors influencing the decision were the results of the European Parliament elections, which saw significant gains for France’s far-right National Rally party. This outcome led to French President Emmanuel Macron calling for a snap national election, further adding to the uncertainty in the region’s markets.
As Golden Goose evaluates its options for a future IPO, the company remains focused on maintaining its brand presence and reputation in the competitive sportswear industry. Owned by private equity firm Permira, Golden Goose had already secured Invesco as a cornerstone backer with a commitment of 100 million euros for the listing.
The delay of Golden Goose’s IPO serves as a reminder of the complexities and volatility present in the global financial markets, particularly in light of political events that can quickly influence investor sentiment. Despite the setback, the company remains optimistic about its future prospects once market conditions stabilize.