Golden Goose has confirmed plans to list on the Milan bourse, saying it would sell €100 million ($108 million) worth of shares to fund expansion and pay down debt.
Owner Permira, which acquired the company in 2020, will also sell some of its stake as part of the initial public offering, Golden Goose said in a statement Thursday. At least 25 percent of shares will be listed in line with the Italian exchange’s regulations.
Golden Goose’s net revenues rose 18 percent to €587 million last year as the brand’s range of pre-distressed, graffiti-embellished skate shoes continued to power growth.
Founded in 2000, Golden Goose has steadily expanded over its first quarter century. It’s still growing, despite a broader market slowdown, CEO Silvio Campara said.
”We’re still growing so well; it’s really healthy growth with an incredible engagement from customers,” Campara said.
The executive put the company’s success down to a differentiated strategy. Golden Goose dominates secondary markets from Lyon to Nashville, where bourgeois shoppers increasingly seek opportunities for conspicuous consumption beyond the most famous global luxury names.
The brand has snubbed marketing opportunities during ultra-competitive fashion weeks, instead focusing its investments on events in collaboration with skateboarders, musicians and artists. Last month, the company inaugurated a new hub outside Venice housing product development, a craftsmanship school and exhibition space.
The brand says it’s also reaping the rewards after investing in rolling out a sneaker customisation program worldwide. As of late 2023, all of Golden Goose retail stores offer personalised options including graffiti embellishments and additional distressing. Those options, as well as a price point that appears increasingly attractive compared to steep increases across the luxury sector, have helped to maintain a high rate of conversions and repeat purchases, according to CEO Campara.
”We’re still growing so well; it’s really healthy growth with an incredible engagement from customers,” Campara said. In addition to expanding its store network following the IPO, the brand plans to complement its sneaker business by expanding its ready-to-wear offer as well as leveraging in-store personalisation services to sell more bags.
Golden Goose said it plans to pay off €310 million of its debt from a €480 million bond sale in 2021, using a combination of bank financing and proceeds from the share sale.
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‘Culture Is the New Luxury’: Golden Goose CEO Unveils Strategy for Next Chapter
After reaching €500 million in annual sales, Golden Goose is rolling out partnerships with creators including Suki Waterhouse and Brian Woo in the lead up to opening a cultural centre in Venice next year. The company joins players like Louis Vuitton and Moncler in putting culture, not just fashion, at the heart of its brand in a bid to widen its appeal.
