Italian luxury sportswear brand Golden Goose has postponed its IPO in Milan because the European elections and early parliamentary elections in France led to a “significant deterioration” in market conditions.
Golden Goose, known for its sneakers, made especially popular by celebrities like Taylor Swift (of course), is targeting a market capitalization of up to 1.86 billion euros ($2 billion).
“The current environment is not the right environment for the company to go public,” the company said in a statement on Tuesday, adding that the IPO will be reassessed in due course.
The EU elections and the announcement of the general elections in France affected not only the European markets, but also the luxury sector in particular, estimates Golden Goose.
In theory, the first day of trading will take place on Friday.
France’s far-right National Alarm (RN) party won nearly 31% of the vote in recent European elections, prompting French President Emmanuel Macron to call early national elections.
Since its inception 24 years ago, the Italian clothing and footwear brand has attracted the interest of three investment firms.
Carlyle Group acquired the majority stake acquired by Ergon Capital Partners in 2017. Following the expansion of Golden Goose in the US and China, Permira acquired the shares from Carlyle. Its dynamic course can also be seen from the increase in its revenues, which reached 18% in 2023.