Golden Goose is preparing for its stock market debut on Friday. As expected by analysts, demand was higher than supply and the price of the IPO, initial public offering, was set at 9.75 euros per share (in a price range that ranged from 9.5 to 10.5 euros ). The Venetian company that produces luxury sneakers could thus approach a capitalization close to 1.8 billion.
The IPO
Golden Goose’s arrival on the stock exchange is linked to a capital increase of 100 million to reduce debt as well as the sale of securities by the controlling shareholder, the English fund Permira, who bought Golden Goose in 2020 for almost 1.3 billion and which will sell approximately 43 million shares. With the debut on June 21st, 30% of Golden Goose’s capital will be exchangeable, thus joining the luxury maisons listed in Milan.
The company
Investor attention for Golden Goose is high given that, numbers in hand, it is an entrepreneurial jewel. Since its foundation in 2000 in Marghera in the province of Venice, with a compound annual growth rate (Cagr) of net revenues of 23% and an adjusted Ebitda margin of 34% in financial year 2023, it boasts a clear track record of growth . 2023 closed with 587 million euros in revenues (+18% at constant exchange rates), an adjusted Ebitda of 200 million (+19%) and an adjusted Ebit of 149 million (+22%). An evident race also looking at this year’s results. In the first quarter of 2024, the company recorded revenues of 148 million (+12%) and an adjusted Ebitda of 54 million (+17%).
Made in Italy and sustainability
In less than 20 years, it has gone from being an artisan company to becoming an icon recognized as the excellence of Made in Italy. The sneakers are handmade by artisans in Italy and to strengthen its control over production, the company acquired two of its main suppliers, Italian Fashion Team and Calzaturificio Sirio “allowing us to internalize the production of approximately 50% of the volumes sold in 2023”, we read in a note. The company’s investment in sustainability was also rewarded in terms of sales. With Forward Stores offering services (Repair – for products of any brand – Remake, Resell and Recycle) designed to extend the life cycle of products, thus promoting circularity. Since 2022, the group has published a Sustainability Report annually on a voluntary basis.
