Yahoo Finance Luxury Sneaker Company Golden Goose Is Planning to Go Public at a Valuation of Over $3 Billion
Golden Goose is spreading its wings and going public.
The luxury Italian sneaker label, known for its distressed-looking kicks, is planning on selling shares in an initial public offering in Milan next month, The Wall Street Journal reported on Thursday. The size of the offering has yet to be determined, but at least 25 percent of the company will be listed. Golden Goose could be valued at about €3 billion ($3.3 billion) including net debt, according to Bloomberg. With the sale, the company is hoping to raise €100 million (approximately $108 million).
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The IPO will let Golden Goose “open a new chapter in our story to an even broader audience,” Golden Goose CEO Silvio Campara told the WSJ.
The label was founded in 2000, with the husband-and-wife designers Alessandro Gallo and Francesca Rinaldo debuting luxury sneaks in 2007. Since then, the brand has grown to include more than 200 stores. It has a well-known celebrity clientele, too: Stars like Taylor Swift, Jude Law, and Gwyneth Paltrow have been spotted in the scuffed-up shoes. The late Virgil Abloh also praised Golden Goose sneakers in an interview with The Wall Street Journal, saying that “it’s the handmade, distressed touch that makes them unique.”
Currently owned by private equity group Permira, Golden Goose is planning to use the money it makes from the IPO to pay down debt, the WSJ noted. Last year, the label’s revenue jumped to €587.2 million ($636.4 million) from €500.9 million ($542.9 million) in 2022. Net profits, meanwhile, rose from €46.4 million ($50.3 million) in 2022 to €49 million ($53.1 million) in 2023. The brand is hoping to have €1 billion in net revenue by 2029.
The IPO comes at a tumultuous time for the luxury industry. Large conglomerates have been struggling as of late, with Kering stating it’s expecting lower profits this year due to lesser demand. In addition, LVMH has seen a dip in sales growth across its fashion and leather goods arm. Golden Goose, meanwhile, is seemingly looking to test the waters with its public sale and is hoping that more shoppers are drawn to its high-low appeal. The label’s classic Super-Star looks are already highly coveted by those in the know, of course.
Perhaps sneakerheads and A-listers will make Golden Goose into an IPO superstar of its own.
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