Luxury sneaker brand Golden Goose, whose shoes sell for around 500 euros ($540) a pair, aims to list on the Milan stock exchange in June, it said on Thursday, in the biggest initial public offering in Italy in at least a year.
Golden Goose, which was valued at 1.3 billion euros when it was acquired by private equity firm Permira in 2020, said it would announce the IPO terms closer to the offer’s launch.
If the offer is successful, Golden Goose will join a number of debuts which have revitalised the European IPO market, including CVC (CVC.AS), opens new tab and Puig (PUIGb.MC), opens new tab.
“Going public allows us to have high-level investors … and to attract talent,” the company’s Chief Executive Silvio Campara told Reuters in a phone interview.
The offer will consist of existing shares and 100 million euros of new shares, to reach a free float equal to at least 25% of the outstanding share capital. The proceeds will be used to strengthen the group’s capital structure and reduce the debt, the company said.
The group, founded in Venice in 2000, plans to remain focused on its sneakers, which have a five-point star logo, but wants to expand its ready to wear and accessories categories.
“Golden Goose is the only sneaker brand.. with 70% women customers and this gives us impetus for potential growth in the accessories segment, bags in pole position,” Campara added.
He also said that the brand wants to strengthen in emerging markets, where the population is younger.
Demand for luxury goods is slowing, with groups catering for high-end consumers performing better than the ones relying on so-called “aspirational” customers.
Over the last four years, Golden Goose has doubled its stores and its revenues and bought some of its suppliers, Campara added.
Net revenue reached 587 million euros last year, with an adjusted core profit of 200 million euros in 2023, up 19% from a year earlier.
Permira aims at multiples for Golden Goose similar to those achieved by luxury clothes group Moncler (MONC.MI), opens new tab, two sources close to the matter said.
Moncler is expected to trade at an enterprise value of around 12 times core profit in the coming months, LSEG data shows.
BofA, J.P. Morgan, Mediobanca and UBS will act as joint global coordinators and joint bookrunners in the IPO, with BNP Paribas, Citigroup and UniCredit as joint bookrunners. Lazard is the financial adviser to the company.
($1 = 0.9266 euros)
