Golden Goose, JP Morgan, Ferrari, Zilch – Markets Defused

Golden Goose, a luxury sneaker brand, has canceled its recently planned stock market IPO, citing instability in the European market.

The decision by the Venice-based brand and its British owners, private equity firm Permira, followed the recent snap election in France, which caused turmoil in European stocks.

“The significant deterioration in market conditions following European Parliament elections this month and the calling of a general election in France has impacted European markets’ performance and, in particular, the luxury sector,” the company said in a statement.

Golden Goose had aimed to pitch its stock market valuation between €1.7 billion and €1.9 billion, potentially making it Italy’s largest IPO in over a year.

The company is known for its high-priced and pre-scuffed sneakers, which sell for between $585 and $820 per pair and are a “celebrity favorite” – worn by the likes of Taylor Swift, Selena Gomez, and Reese Witherspoon.

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