Golden Goose, celebrated for its handmade sneakers, is gearing up for a major financial milestone. On June 21, the company will list its shares on Euronext Milan, marking its first step into the public market to fortify its capital structure. The share will be priced between INR 854.31(9.50 euros) and INR 944.18 (10.50 euros) ahead of its initial public offering in Milan. This price range suggests a market capitalisation for the Italian brand of approximately INR 15196.48 crore to INR 16998.47 crore (1.69 billion to 1.89 billion euros).
Austrum S.A.P.A of Austrum 4 Srl. & C., the sole shareholder of Golden Goose, will be floating 30 percent of the company’s capital. This move follows the acquisition of Golden Goose by private equity fund Permira in 2020, when they purchased it from the Carlyle Europe buyout fund for INR 11514.39 crores (1.28 billion euros). The offer period is scheduled to begin on June 13 and conclude around June 18, with the final offer price expected to be announced on June 19, ahead of the first day of trading on June 21. Following the listing date, there will be a 180-day lock-in period for both the selling shareholder and the company, while selected members of the management will have a lock-in period of 360 days. The IPO aims to bolster the group’s financial foundation, enabling strategic investments in operations and lowering its debt, which reached INR 4309.46 crore (479 million euros) last year.
According to WWD, Golden Goose listed its main assets in a statement, beginning with its unique market position in a rapidly growing sector. The brand emphasised its customer-focused strategy and the support of an engaged community of 1.5 lakh members. Since the opening of its first store in Milan in 2013, Golden Goose has expanded its direct-to-consumer (DTC) channels, and last year this channel accounted for 74 percent of the company’s revenues and included a network of 195 directly operated stores. The company even acquired two of its main suppliers, Italian Fashion Team Srl and Calzaturificio Sirio Srl, to tighten control over its production, which allowed it to internalise production of around 50 percent of its sold volumes in 2023.The
During the period spanning from 2021 to 2023, Golden Goose experienced a growth trajectory, with a compound annual growth rate (CAGR) of 23 percent in revenues. The company also achieved an adjusted earnings before interest, taxes and depreciation and amortisation (EBITDA) of approximately 34 percent in the previous year. In 2023 alone, Golden Goose reported sales of INR 5280.77 crores (587 million euros), marking 18 percent increase from the preceding year’s INR 4578.86 crores (509.9 million euros). The adjusted EBITDA also saw a notable uptick, reaching INR 1799.29 crores (200 million euros), a 19 percent surge, while the adjusted operating profit grew by 22 percent to INR 1340.49 crores (149 million euros).
The first quarter of the current year continued to show a robust performance, with revenues reaching INR 1331.50 (148 million euros), an 11 percent increase compared to the Q1 of 2023. The adjusted EBITDA for the quarter amounted to INR 485.80 crores (54 million euros), reflecting a 17 percent growth compared to the corresponding period last year. However, the net debt grew from last year, reaching INR 4543.18 crores (505 million euros) in 2024 Q1.
According to Reuters, BofA, JPMorgan, Mediobanca and UBS will serve as joint global coordinators for the IPO, while BNP Paribas, Citigrpup, and UniCredit will act as joint bookrunners. This strategic lineup of financial institutions signals the strong momentum behind Golden Goose’s public debut.
This year has seen a wave of companies going public, giving a sense of the broader trend of growth and expansion within the industry. Earlier this year in April, Puig, the company that owns Charlotte Tilbury, Dries Van Noten, and Rabanne made headlines by becoming Eurpope’s largest IPO of 2024, setting a benchmark.
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