Golden Goose, Superstar
Golden Goose received admission to public listing in Milan
The admission of Italian luxury sneaker manufacturer Golden Goose to list on the Milan stock exchange Euronext Milan has been approved by Borsa Italiana and the Italian supervisory authority CONSOB. The first day of trading is expected on June 21.
The price range for Golden Goose shares is set at €9,50 to €10,50, which corresponds to a company market capitalization of €1,69 billion to €1,86 billion.
The offering period, intended for institutional investors, will begin on June 13 and end on June 18. The final offer price will be published on June 19.
The company is going public with the aim of strengthening the group's capital structure, enabling operational investments and reducing the company's debt, which last year amounted to 480 million euros.
According to experts, Golden Goose's IPO will be a good demonstration of investors' appetite for listing on the stock market in the fashion segment. The last 12 months have shown mixed sentiment, with Birkenstock being favorably received by investors, while Dr. Martens sank right from the moment of their debut.
Golden Goose is launching on the Milan Stock Exchange after a long period of preparation, which began with Permira's entry into the private equity market more than three years ago.
Thirty percent of Golden Goose's capital will be placed by the company's current sole shareholder Astrum SapA, Astrum 4 Srl & C. In 2020, Golden Goose was acquired by private equity fund Permira from buyout fund Carlyle Europe for €1,28 billion.
The funds, advised by Invesco Advisers Inc., have committed to purchase shares at the final offer price of €100 million, acting as “cornerstone investors.”
There will be a lock-in period of 180 days from the date of listing for the selling shareholder and the company and 360 days for individual members of management. Chief Executive Officer Silvio Campara will remain in his position as an investor.
The calling card of Golden Goose is its signature Superstar sneakers, the design of which is recognizable by its characteristic deliberate abrasions that imitate a vintage look and the main element - the star. The price of the sneakers is about 500 euros. Since the release of Superstar in 2007, the company has introduced 20 new models to its line, and it is also expanding the range by adding clothing and accessories. About 74% of the company's revenue comes from the direct-to-consumer channel, and Golden Goose's signature retail network is represented by 195 stores that are directly operated by the company.
In 2023, the company's sales were €587 million, up 18% from €500,9 million in 2022, adjusted EBITDA was €200 million, up 19%, and adjusted operating profit was €149 million, up by 22%.
The admission of Italian luxury sneaker manufacturer Golden Goose to list on the Milan stock exchange Euronext Milan has been approved by Borsa Italiana and the Italian supervisory authority CONSOB. First day…
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