The eagerly-anticipated stock market listing for the Golden Goose trainers brand has been postponed. The decision was made by the Italian footwear brand on Tuesday after the European stock markets were plunged into chaos by the snap election called in France.
Golden Goose Market Listing Halted
British private equity group Permira owns the group, and it said in a statement:
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.
They specifically mentioned that this is affecting the luxury market in which the brand operates.
Don’t miss out the latest news, subscribe to LeapRate’s newsletter
The company’s so-called “dirty” trainers have reached mainstream appeal thanks to stars like Taylor Swift being seen wearing them. Described by some reviewers as shabby chic, they’ve also been worn by Selena Gomez and Chris Hemsworth, with the high price tag failing to put off fans looking to emulate them.
However, the company thinks that going public during the current market conditions isn’t the right move. It had previously decided to make the entry price for the shares at the lower end of the range. That meant shares were to be sold for €9.75 each after Golden Goose had mentioned the €9.50 to €10.50 price range in their marketing to investors.
However, the 21 June date planned for the flotation has now been shelved. With a minimum of 25% of the company to be floated on the Milan stock exchange, Golden Goose said that its plans had received good support from the investment community before this setback.
