Golden Goose postpones the Milan IPO due to the political unrest in Europe

An employee adjusts a sneaker display at a Golden Goose SpA store in the Mayfair district of London, UK, on ​​Monday, December 4, 2023. About a dozen banks vied for a role in a possible Milan IPO of Golden Goose, with valuations hovering between 3 billion ($3.3 billion) and 4 billion. Photographer: Jason Alden/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Italian sportswear brand Golden Goose has postponed its IPO in Milan as European Parliament elections and calls for early elections in France led to a “significant deterioration” in market conditions.

Golden Goose, known for its distressed sneakers made popular by celebrities such as Taylor Swift, was targeting a market capitalization of up to 1.86 billion euros ($2 billion).

The “current market environment is not the right environment to take the company public,” the company said in a statement on Tuesday, adding that an IPO would be reassessed in due course.

The elections for the European Parliament and the holding of general elections in France had consequences not only for markets in Europe, but especially for the luxury sector, according to Golden Goose.

It highlighted that the brand's IPO process had involved 'extensive' collaboration with investors. The first trading day would take place on Friday.

France's far-right National Rally (RN) party won by a wide margin 31% of the votes in the recent European Parliament elections, prompting French President Emmanuel Macron to call early national elections.

The record profits for the RN party sparked nationwide protests in France, as demonstrators pushed back against rising nationalist sentiment. The French CAC40 lost more than 6.2% last week, posting the biggest weekly loss since March 2022.

Golden Goose, owned by private equity firm Permira, announced last week that Invesco had committed 100 million euros to the stock market listing as cornerstone support.

CNBC's Ganesh Rao contributed to this report.

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