Golden Goose, the “dirty trainers” brand that Taylor Swift loves, will postpone their planned listing, after the French snap elections caused turmoil in European stocks.
The Italian brand owned by the British private equity firm Permira said Tuesday night that the “significant deterioration of market conditions after the European Parliament elections in this month, and the calling a general election for France, have affected European markets performance, and in particular the luxury sector.”
Golden Goose also stated that “the current market environment is not conducive to the Company going public”.
According to a report, the maker of distressed “shabby-chic” trainers decided to price its shares lower than it had originally considered.
Golden Goose sold the shares at €9.50 – €10.50. (£8.02 – £8.87) Bloomberg reported on Tuesday that the company had agreed to €9.75.
After 9pm Tuesday night, however, the company announced that the flotation which was planned for June 21 is off.
Golden Goose planned to list at least 25% of the company’s shares on the Milan Stock Exchange.
Golden Goose stated that despite the change in plans, the company had received “strong backing from the entire investment community.”
Taylor Swift, Selena Gomez, and Chris Hemsworth are among the celebrities who have endorsed this luxury trainer brand. The trainers that can cost hundreds of pounds have been ridiculed on social media as being “dirty”. The trainers are deliberately distressed to give them an aged look.
After more than a full week of turmoil on the European stock exchanges, the decision was made to suspend its stock market plans. Investors have been selling down European shares since the parliamentary election, where hard-Right parties made significant gains, particularly in Italy, France, and Germany.
Giorgia Melons Brothers of Italy has been elected as the largest party in Italy to the European Parliament.
Emmanuel Macron’s announcement of a snap election, after Marine Le Pen won the National Rally only a few days ago, has fueled nervousness on European markets.
The blue-chip FTSE MIB Index in Italy is down 3.9pc for the month.
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