(BFM Bourse) – Luxury sneaker manufacturer Golden Goose said this week that it was aiming to list on the Milan Stock Exchange in June. This would then be the biggest operation in Italy in a year.
Golden Goose formalized its intention to join the Milan Stock Exchange this Thursday, confirming information from Bloomberg published on May 27.
The Italian sneaker brand known for its sneakers with a worn and aged appearance that can exceed 1,000 euros, plans to take its first steps on the Milan Stock Exchange in June, subject to market conditions according to the established formula.
In detail, Golden Goose intends to raise 100 million euros as part of its IPO in Milan, with a view to “strengthening the group’s capital structure and reducing its debt”.
The most important IPO in a year
For its part, the private equity company Permira – which had acquired 83% of the capital of Golden Goose for 1.3 billion euros in June 2020 – intends to sell part of its stake, for an undisclosed amount.
The size of the offering has also not yet been determined, but Golden Goose plans to put at least 25% of its shares on the stock market. Based on this information, the company founded in 2000 would be valued at nearly 3 billion euros, including debt, Bloomberg reported.
This would then be the most important IPO on Italian soil since that of the gaming operator Lottomatica in May 2023, also notes the financial media. Golden Goose presents itself to investors with solid arguments. The company claims in its press release to have achieved the fastest growth in the luxury industry over the last ten years.
In 2023, its sales increased by 18% to reach 587 million euros. The group hopes to approach the milestone of one billion euros in turnover in 2029. Golden Goose CEO Silvio Campara told Bloomberg that his company will invest in new markets such as South America, Africa, the Middle East and India “in order to conquer a younger clientele”. The manager also added that personalization will be another lever to stimulate sales of its sneakers worn by many celebrities such as Selena Gomez and Taylor Swift.
A rebound in IPOs in Europe to be confirmed
The Italian brand is therefore making great strides to join the CVC investment fund, which raised nearly 2 billion euros at the end of April in Amsterdam, or more recently the owner of the Nina Ricci or Paco Rabanne brands, Puig, who was presented as the biggest IPO in Spain of the year.
With this renewed energy on IPOs, companies on the Old Continent have raised $12.4 billion since January, more than double the amount last year at the same time, says Bloomberg.
In Paris, the electro-optical equipment supplier Exosens announced last Thursday the approval of its registration document by the Financial Markets Authority (AMF). This is the first step before an arrival on Euronext Paris for Exosens, which wishes to follow in the footsteps of the project management software specialist Planisware whose first stock market steps were crowned with success last April.
However, this resumption of introductions remains fragile. Some companies have even given up on going public this year, failing to obtain the desired valuation. This week, Flix, the parent company of FlixBus which was in the process of going public in Frankfurt in June, decided to postpone its project, sources close to the matter told Bloomberg.
Same reluctance on the part of the battery manufacturer Northvolt which has also postponed its IPO in Stockholm until next year, the financial media also understands, again citing sources close to the matter.
Sabrina Sadgui – ©2024 BFM Bourse