Golden Goose Plans €100 Million IPO in Milan to Strengthen Capital Structure

Italian luxury sneaker brand Golden Goose is set to launch a primary offering of €100 million in an initial public offering (IPO) in Milan. The move aims to fortify the company’s capital structure and reduce its debt burden.

The offering structure will involve a minimum of 25% of the total issued and outstanding share capital and may include a secondary tranche. Golden Goose is joining other companies, such as buyout giant CVC Capital Partners Plc and Spanish beauty group Puig Brands SA, in proceeding with listing plans in Europe this year, taking advantage of the stock market’s surge to record levels.

Following a downturn in IPO volumes in 2022 and 2023 due to central bank interest rate hikes aimed at curbing inflation and dampening investor risk appetite, the market has since rebounded. Companies have raised $12.4 billion through IPOs this year, more than doubling the amount raised in the same period last year. However, trading performance has been mixed, with offerings over $100 million in 2024 experiencing an average increase of around 19%.

Golden Goose is being compared to high-end puffy jacket maker Moncler SpA, and investors are anticipated to value the shoemaker at approximately 11 times this year’s estimated earnings. According to Bloomberg calculations, this valuation would place the company at around €3 billion, inclusive of net debt.