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Luxury sneaker maker Golden Goose plans to go public in Milan as soon as this week.
Golden Goose may start working on its initial public offering this week following positive feedback from potential investors, people familiar with the matter told Bloomberg.
The Italian brand of pre-distressed sneakers is a hit with celebrities including Taylor Swift, Selena Gomez, and Hilary Duff. Investors are expected to value Golden Goose at about 11 times this year’s estimated earnings. That would value the shoemaker at about $3.3 billion, according to Bloomberg.
On its official web store, a pair of sneakers starts at about $364 and can go up to $2,598. The brand also sells clothing, beachwear, and accessories.
The people told Bloomberg that discussions are ongoing, and details of the offering, including its size and timeline, are still flexible.
The company is owned by European private equity firm Permira. The firm did not immediately respond to a request for comment from Business Insider.
Talks of the listing come as Europe’s lackluster IPO market looks for reinvigoration. Potential stock listings this year include Luxembourg-based private equity firm CVC Capital, Spanish fashion giant Puig Brands, and Swiss dermatological brand Galderma.
However, Golden Goose’s IPO could be hurt by slowing demand for luxury goods.
Kering, the luxury retailer that owns brands including Gucci and Yves Saint Laurent, saw overall revenue decline by 10% in the first quarter of the year. Gucci saw a troubling 18% decline in sales, largely from decreased sales in China.
The two other sneaker companies to go public in recent years are performance footwear brands On Holding and Allbirds, which both target a much lower price point than Golden Goose. Last month, Allbirds, which once held the title for “most comfortable shoe,” received notice from Nasdaq that it risks delisting because its stock was trading below $1 for 30 consecutive days. On’s stock, meanwhile, is up 47% in the past year.
