In the words of chief executive officer Silvio Campara, Golden Goose is “a splendid playground” where the brand’s customers, or “dreamers,” as he calls them, “can express themselves through creativity on sneakers, tomorrow on bags and then ready-to-wear.”
Confirming, after months of speculation, the launch of Golden Goose’s initial public offering, the executive said in an interview that the listing will “expand the community of dreamers.”
Financially, the IPO is also aiming at strengthening the group’s capital structure, allowing “operating investments” and reducing the company’s debt, which last year amounted to 480 million euros, said chief corporate officer Paolo Dal Ferro. The first day of trading is expected on the Euronext Milan in June — “the most probable timeline,” he added.
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As per Euronext Milan’s requirements, Golden Goose will float a minimum of 25 percent of total issued and outstanding share capital, for 100 million euros worth of primary shares, said Dal Ferro, imagining an eventual 30 percent float. The exact date of the IPO and the shares’ price are yet to be defined.
There will be a lock-up of 180 days from the listing date for the selling shareholder and the company and 360 days for selected members of management.
The IPO is “the natural destination” for the company, said Campara, “a new part of the journey, and certainly only the starting point, not the arrival. It’s a beautiful ambition, one that we want to share with more investors. We want to be inspirational, just as we were when we started off, prove that with a vision, you can aspire to reach higher.”
Campara will re-invest all proceeds into the company and stay on in his role. Dal Ferro declined to provide additional details regarding shareholder composition, but confirmed that private equity fund Permira, which bought Golden Goose in 2020 at a price pegged at 1.28 billion euros, currently has a majority stake.
Asked about his strategy going forward and after the IPO, Campara said “it is very simple, and organic with the past 24 years, to grow by geography, channel and product offer. We don’t foresee a disalignment with what has been done until yesterday.”
In his signature energetic manner, Campara said the listing project “is super exciting” and contended that a key differentiation from other brands is that Golden Goose also grows “through co-creation, personalization, and repair and this will be drivers for the future, expanding the experiences beyond shoes to other products.”
Opening more stores with the help of fresh capital is not a priority. “I prefer to stick to the pace we’ve had in the past, with 25 to 30 openings per year, but certainly the idea is to increase their size and penetration,” explained Campara.
The size of Golden Goose stores hovers at between 864 to 1,080 square feet, he said. “We can enlarge them and offer an expanded range of categories – and experiences. We are still small compared to the big luxury groups, so there is enormous room to expand. On the one hand, we want to consolidate our brand awareness in established markets, and we can also bring our creativity to a new part of the world,” he said, pointing to emerging young customers in South America, Africa, the Middle East and South East Asia. The company currently has 191 stores.
At the end of 2023, Golden Goose had five Forward Stores globally. The Forward Stores aim to give longer life to sneaker products from any brand by offering repairing, remaking, reselling and recycling services, promoting circularity and expanding the products’ life cycle, reducing the environmental impact.
“While the fashion world is all about product desirability, consumers want to create a deeper connection with brands through shared values and culture,” said Campara. “At Golden, we have built a brand that people love and are loyal to, and that has delivered strong, profitable growth with a purpose. The brand’s mission is to unleash self-expression through authenticity and uniqueness. We keep true to this through co-creation, where people can be part of the creative process together with our artisans, the Dream Makers.”
Campara expressed his pride in the IPO and in creating “a luxury brand that today enjoys a loyal community of 1.5 million people in over 80 countries. The entrepreneurialism, our people’s passion and drive have grown this company into the thriving business it is today. Now, together, we can open a new chapter in our story to an even broader audience”.
Campara said the Milan exchange was ideal for the company.
“I am convinced that Milan can give us the quality of investors we want, and there is an element of patriotism. We are Italian and Golden Goose is made in Italy. We are happy and proud to show that Italy is still able to innovate, and create something that cannot be found anywhere else,” claimed Campara.
“Our success story of the past 24 years not only creates curiosity but also makes us desirable globally but in the Italian context of design and creativity that is an added attraction for investors.”
The sale of Permira shares will be “proportional,” said Dal Ferro. “The approach is that this is not a one- shot deal to sell company assets, it’s a marathon with investors, it’s a long journey aimed at creating value.”
“Golden Goose is a category-shaping luxury company built to resonate with the new generation of luxury consumers,” said Francesco Pascalizi, head of Permira Italy. “Since our initial investment in 2020, the company has consistently delivered, building on its track record of strong, resilient and profitable growth. Its committed and visionary leadership team have taken the business from strength- to-strength over the last four years, consistently outperforming the market. We are excited to be on this journey with them as they realize their growth strategy and launch a landmark IPO in Milan.”
In April, Golden Goose reported continued sales growth in the first quarter of the year, after a strong performance in 2023. On top of that, it secured the advice of a savvy luxury industry professional, as former Gucci president and chief executive officer Marco Bizzarri joined the board of directors.
In the first quarter of the year, revenues amounted to 148 million euros, up 11 percent compared with the same period in 2023, while maintaining strong margins.
In the period, the direct-to-consumer channel rose 18 percent, driven by continued strong performance in the Europe, Middle East and Africa region and the Americas.
In 2023, the company registered sales of 587 million euros, an increase of 18 percent compared with 500.9 million euros in 2022.
In the 12 months ended Dec. 31, adjusted earnings before interest, taxes, depreciation and amortization for non-recurring items rose 19 percent to 200 million euros.
Adjusted operating profit climbed 22 percent to 149 million euros.
Golden Goose was established in 2000, and is best known for its successful Superstar sneakers and intentionally distressed styles. In 2020, the company was acquired by the private equity fund Permira from the Carlyle Europe Buyout fund.
Last month, Golden Goose unveiled its latest Haus of Dreamers, located in Marghera, Italy, the industrial port of Venice and where the company was founded in 2000. Haus of Dreamers is an all-encompassing cultural concept that has helped heighten global brand awareness with events in Paris and Los Angeles, for example, and was first launched in May last year.
