Golden Goose, an Italian luxury sneaker brand, announced that market volatility resulting from political unrest in Europe has caused it to postpone its initial public offering on the Milan stock exchange.
The market turbulence brought on by the European elections has prompted this company to withdraw its first public offering (IPO). Citing political unpredictability, Equinor, a different business, halted the sale of its interest in the Rosebank oil development in the North Sea last week.
Golden Goose, whose IPO was slated for 21st June, claimed that the current climate was unsuitable for taking the business public, citing the decline in the market following the European Parliamentary elections and the announcement of early French general elections.
According to a person acquainted with the situation, the recently announced French elections in particular took a significant toll on the markets and the luxury industry, particularly the high-end apparel company Moncler, which Golden Goose was being priced against.
It stated that investors had been responsive and that the business was still doing well, with asset manager Invesco serving as a cornerstone.
The private equity firm Permira owns Golden Goose, and the company was aiming for a lower-than-expected market valuation of up to € 1.86 billion. It was expected to be Italy’s largest initial public offering (IPO) since Lottomatica, the gambling company, went public over a year ago.
