Why Permira got cold feet over Golden Goose IPO

After more than 10 months of preparation, the Italian footwear brand was seeking to raise about $966 million in a Milan listing as early as Friday. Then something went wrong.

Silvia Sciorilli Borrelli, Ivan Levingston and Kaye Wiggins

Jun 20, 2024 – 4.53pm

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Bankers were adamant Golden Goose, the maker of the €500 distressed-look trainers favoured by Taylor Swift, was ready to become a public company.

After more than 10 months of preparation, the Italian footwear brand was seeking to raise about €600 million ($966 million) in a Milan listing as early as Friday. It had reported strong first-quarter sales. No less than seven banks had been building its IPO book, which was by Tuesday oversubscribed. Fund manager Invesco had agreed to be a cornerstone investor.

Financial Times