As of June 18, Italian luxury sneaker brand Golden Goose has decided to delay its planned initial public offering on the Milan stock exchange due to market volatility caused by political uncertainties in Europe.
The company, which was set to debut today, expressed that current conditions were not conducive for going public, mentioning a downturn in the market following recent European parliamentary elections and the announcement of snap general elections in France.
There were expectations that Golden Goose would debut at the lower end of its share price range of €9.50 to €10.50, aiming for a valuation near $2 billion. This delay reflects broader uncertainty in European IPOs, as evidenced by a UK REIT canceling its IPO last week due to weak investor interest.
According to CNBC, “France’s far-right National Rally (RN) party won around 31% of the vote in the recent European Parliament elections, prompting French President Emmanuel Macron to call a snap national election. The record gains for the RN party sparked nationwide protests in France as demonstrators pushed back against rising nationalist sentiment. The French CAC 40 lost more than 6.2% last week to record its worst weekly loss since March 2022.”
This move makes Golden Goose the first company to withdraw its IPO amid the ongoing market instability linked to European elections.
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