Golden Goose, the “dirty” trainers brand loved by Taylor Swift, is to postpone its planned stock market listing after the snap election in France sparked turmoil for European stocks.
The Italian brand, which is owned by British private equity group Permira, said on Tuesday night that “the significant deterioration in market conditions following European Parliament elections this month and the calling of a general election in France have impacted European markets performance and, in particular, the luxury sector.”
Golden Goose added that it believes “the current market backdrop is not the right environment to take the Company public”.
The maker of distressed, “shabby chic” trainers had already decided to price shares at the lower end of what it had considered, according to a report.
Golden Goose had marketed the shares to prospective investors at €9.50 to €10.50 (£8.02 to £8.87). But according to terms reported by Bloomberg on Tuesday morning, the company was settling for €9.75.
However, after 9pm on Tuesday, the company said that the flotation, which had been planned for June 21, was off.
Golden Goose was intending to float at least 25pc of the company on the Milan stock exchange.
Despite the change of plans, Golden Goose said that, despite this, it had received “strong support across the investment community.”
The luxury trainer brand has attracted celebrity fans for its shoes, including Taylor Swift, Selena Gomez and Chris Hemsworth. But the trainers, which can cost many hundreds of pounds, have also been mocked on social media for being “dirty”. They are intentionally distressed to give them a lived in look.
The decision to pause its stock market plans came after more than a week of turmoil in European stock markets. Investors have sold off European shares down since the parliamentary elections, which saw significant gains for hard-Right parties, especially in Italy, France and Germany.
Giorgia Meloni’s Brothers of Italy was elected as the biggest party from Italy in the European Parliament.
Nervousness in European markets have been fuelled by Emmanuel Macron announcing a snap election after losing out to Marine Le Pen’s National Rally just over a week ago.
Italy’s blue-chip FTSE MIB Index is down 3.9pc this month.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
