Golden Goose gives up (for now) on Piazza Affari: the reasons for the decision

Golden Goose says goodbye to Business Squareat least for now, after planning a stellar debut on the main list Euronext Milan. The difficult market conditions that occurred after the European elections convinced the fashion and lyfestyle company, famous for its luxury sneakers for men and women, to give up its listing.

Golden Goose does not definitively say goodbye, rather a goodbye, and explains that the IPO “will be re-evaluated in due course”although management did not provide a specific date for the subsequent debut.

The company's explanations

“The significant deterioration of market conditions following the elections of the European Parliament, which took place this month, and the general elections held in France, have had an impact on the performance of the European markets and, in particular, on the luxury sector”, explains a note from the company, which arrived late yesterday evening.

“The management and the shareholders – he continues – have always been determined to ensure a successful IPO for all stakeholders, with strong and sustainable aftermarket performance, and believe that the current market environment is not the right environment to list the company.”

Good placement results

“As part of the IPO process the company collaborated extensively with investors. The welcome was very positivewith strong support from the investment community, included I invest which acted as a pillar, with a demand of 100 million euros”, underlines the company, indicating that “the book of the question was covered across the entire price range from the first hour of bookbuilding and was oversubscribed.”

The placement numberswhich emerged yesterday from the operating rooms, indicated the closing of the IPO at a price of 9.75 euros per share, near the low end of the range indicated between 9.50 and 10.50 euros per share. At that price level, however, there was demand exceeded four times the size of the offer.

Excellent results in the 1st quarter

“Golden Goose's business continues to boom good results“, says the company, which closed the first quarter of 2024 with revenues equal to 148 million euros, growing by 12% at constant exchange rates compared to the first quarter of 2023, and an adjusted EBITDA of 54 million euros, up 17% compared to the first quarter of 2023.

Results basically in line with 2023 performancewhich saw the luxury company close the financial year with Net revenues for 587 million, growing by 18% and an adjusted EBITDA of 200 million, up 19%, while the adjusted EBIT stood at 149 million, up 22%.

Golden Goose's medium-long term objectives point to a turnover of approximately 1 billion by 2029 and to a stable EBITDA margin in line with historical levels (25.3% in 2023).