Trainer brand popular with Taylor Swift and Chris Hemsworth planning Milan IPO

Golden Goose. ©Golden Goose.

The Venice-based brand, owned by British private equity group Permira, plans to raise €100 million by floating at least 25% of the company.

An unspecified amount of existing shares will also be sold.

The offering could value Golden Goose at €3 billion, including debt, and many are hoping that the move will breathe new life into Europe's recovering IPO market.

In recent years, market instability has halted a number of listings, with firms spooked by inflation, pandemic-era lockdowns, and geopolitical tensions.

"For the second year in a row, the European IPO market remained quiet with IPO proceeds raised in 2023 falling to €10.2 billion," noted PwC at the end of last year.

This was a drop of 35% compared to 2022 and the lowest level seen in more than 10 years.

Since the start of this year, Europe's IPO market has nonetheless been on an upward trajectory

Major firms CVC, Galderma and Puig have all listed.

Golden Goose’s announcement comes during a slowdown for the luxury sector worldwide as consumers curb post-pandemic spending.

The Italian brand is known for its intentionally distressed-looking trainers, many of which cost around €500.

The shoes have also become associated with a host of A-listers. Selena Gomez, Taylor Swift, and Chris Hemsworth have all been spotted in Golden Gooses.

According to the firm's most recent earnings report, net revenues for 2023 came to €587 million, an increase of around 17% from €501 million a year earlier.

CEO Silvio Campara told Bloomberg that Golden Goose would use proceeds from the IPO to reduce debt and expand into markets with a younger demographic, such as South America, Africa, the Middle East and India.

Many hope the listing will be more successful than the London IPO launched by footwear brand Dr. Martens in 2021.

While sales grew in the months following the listing, the British shoemaker has issued a string of profit warnings in recent years.

© Euronews