Golden Goose IPO to raise about $1.1 billion, sources say

Luxury fashion group Golden Goose plans is looking to raise about 1 billion euros ($1.1 billion) from an initial public offering (IPO) in Milan, three people close to the matter told Reuters.

The company’s majority owner, buyout group Permira, has enlisted seven banks to underwrite what is set to be one of Europe’s biggest IPOs next year, the sources said.

Permira and Golden Goose declined to comment.

Reuters this month reported that Permira had appointed Bank of America, JPMorgan, Mediobanca and UBS as global coordinators for the IPO. It has also enlisted BNP Paribas, Citigroup and UniCredit as joint bookrunners to assist on the deal, the sources added.

An IPO would breathe new life into Europe’s capital markets after rising interest rates and the war in Ukraine all but froze listing activity.

Romania’s Hidroelectrica was the region’s biggest deal this year with about $2 billion in proceeds. Next was Schott Pharma in Germany at 935 million euros including shares placed under an overallotment option.

Golden Goose, known for worn-looking sneakers that sell for hundreds of euros, last year posted a 30% revenue jump to about 501 million euros.

The Italian group’s plans mirror moves by other fashion companies in recent months.
Spanish fashion retailer Tendam, backed by CVC and PAI Partners, recently appointed banks to manage a potential listing in Madrid.

German sandal maker Birkenstock made its New York Stock Exchange debut in October. After the shares initially dropped below the IPO price, they have since climbed into positive territory.