Golden Goose Steps into the Public Market with a $3 Billion Valuation

Golden Goose, the iconic Italian brand renowned for its chic, distressed sneakers, is gearing up to go public with an initial public offering (IPO) in Milan next month. Known for turning the scuffed-up sneaker look into a fashion statement, Golden Goose is poised to list at least 25% of its shares, potentially valuing the company at around €3 billion ($3.3 billion), including net debt. This ambitious move could see the company raising approximately €100 million ($108 million), as reported by Bloomberg and The Wall Street Journal.

Founded in 2000 by husband-and-wife duo Alessandro Gallo and Francesca Rinaldo, Golden Goose initially made waves with its luxury sneakers debuting in 2007. The brand’s distinct aesthetic—a blend of artisanal craftsmanship and intentional wear—quickly garnered a devoted following. Today, Golden Goose boasts over 200 stores worldwide and a celebrity clientele that includes the likes of Taylor Swift, Jude Law, and Gwyneth Paltrow. The late fashion visionary Virgil Abloh once lauded the brand in The Wall Street Journal, attributing its uniqueness to its “handmade, distressed touch.”

Currently under the ownership of private equity firm Permira, Golden Goose plans to utilize the funds from the IPO to reduce its debt burden. The financial growth of the company has been noteworthy, with last year’s revenue jumping to €587.2 million ($636.4 million) from €500.9 million ($542.9 million) in 2022. Net profits also saw an increase, rising to €49 million ($53.1 million) in 2023 from €46.4 million ($50.3 million) the previous year. With these figures in mind, the brand aims to achieve €1 billion in net revenue by 2029.

Golden Goose’s decision to go public comes during a challenging period for the luxury market. Major players in the sector, such as Kering and LVMH, have recently reported declines in sales and profits. Kering has adjusted its profit expectations downward, while LVMH has observed a slowdown in its fashion and leather goods segment. Amidst this backdrop, Golden Goose is testing the waters with its IPO, banking on its unique appeal that blends luxury with a casual, high-low fashion vibe.

Despite the turbulent market conditions, Golden Goose’s signature Super-Star sneakers continue to be a sought-after item among fashion enthusiasts. The brand’s ability to maintain its allure and expand its global footprint will be key to its success in the public market.

As the IPO approaches, all eyes are on Golden Goose to see if it can not only sustain its growth trajectory but also thrive in the public domain. The outcome will be a telling indicator of how luxury brands with a distinct niche can navigate the complexities of the modern market while staying true to their unique identity.