Growth companies in European stock markets may be waiting for a new incubation.
Luxury sneaker brand Golden Goose is preparing to debut in Milan as early as this week. Burundi reported. Shares will reportedly begin trading in July. The company is owned by private equity firm Permira and has received favorable reviews from potential investors, who expect it to be valued at about $3.3 billion, equivalent to 11 times its estimated 2024 earnings. Burundi calculated.
Golden Goose did not respond wealthRequest for comment.
The footwear brand’s earnings are blowing out in 2023, with revenue of US$637 million, an increase of more than 17% from US$543 million in 2022. Golden Goose opened 21 stores last year, bringing the total number of physical stores to 191, and is eyeing a more ambitious 2024. In April, it invited former Gucci CEO Marco Bizzarri to join its board of directors.
The success of Golden Goose is in sharp contrast to the continued lag of the luxury goods industry. Paris-based LVMH and Gucci owner Kering saw sales slow in the first quarter as stingy consumers stopped buying priced items or opted to spend money on them Luxury experiences like cruises.
The brand is favored by celebrities including Taylor Swift, Reese Witherspoon and Michael Phelps for its yellowed, weathered soles and knotted The laces are easily recognizable, which somewhat deceives the $740 price tag. It’s a nod to the designer jeans of years past, which featured tons of rips, distressed denim and hefty price tags.
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While the Golden Goose has a star-studded following, it also resonates with Gen Z, whose obsession with shabby chic and quiet luxury has left this generation clamoring for the shoe. Golden Goose CEO Silvio Campara said that about 80% of consumers are Generation Z or Millennials.
“They get dirty, so I don’t care when they get dirty,” influencer Syndey Schiffer said on TikTok.
From goose egg to unicorn
Although Golden Goose was founded in Venice, Italy, in 2000, it launched its brand-defining sneakers in 2007, just in time for the streetwear boom, with stars like A$AP Rocky and Kanye West collaborating with luxury brands, leading the way like trend.
“In 2007, there were no stylish sneakers like the Golden Goose,” says Barneys New York fashion director Marina Larroude. that incision 2017. Golden Goose fills this gap by offering a stylish sneaker that looks polished and cool, but not too precious.
Golden Goose’s iconic look may be synonymous with modern streetwear, but it’s courted controversy for “glorifying poverty,” especially after the brand released a $585 sneaker that appeared to have straps on the toe and heel. A piece of tape.
Don’t let the shoes’ worn-out appearance fool you: The company’s most important thing is its craftsmanship. In 2022, Golden Goose expanded its flagship store in Milan to offer in-house repair and repair services, adding $100 to already expensive sneakers. It employs a team of store workers in their 20s and 30s to embellish products with rhinestones and patches.
“Artisans are able to create something unique with their hands,” Kampala told reporters. New York Times. “And craft creates emotion.”
While the brand strives to maintain its artisan edge, Campara has no plans to raise shoe costs to boost profits and says its reputation will push the brand to new heights.
“Luxury is not about being expensive, it’s about being meaningful and relevant,” Kampala said. Financial Times. “The luxury positioning will be a weakness in terms of pricing. But in terms of experience, the luxury positioning is a strength. Thank God we are in second place.
