BREAKINGVIEWS-Permira risks tripping on rushed Golden Goose IPO

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The author is a Reuters Breakingviews columnist. The opinions expressed are her own.

By Pamela Barbaglia

LONDON, Dec 21 (Reuters Breakingviews) - The buyout shop may list the fast-growing Super-Star sneakers brand. With its track record tainted by bootmaker Dr. Martens’ poor post-listing performance, the investment firm has little room for error. Hurrying a share sale while the luxury segment faces headwinds seems unwise.

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CONTEXT NEWS

Italian sneakers brand Golden Goose is looking to raise about 1 billion euros from an initial public offering in Milan, Reuters reported on Dec. 18 citing people close to the matter.

Parent Permira has selected Bank of America, JPMorgan and Mediobanca as joint global coordinators for Golden Goose’s possible listing, the Financial Times reported on Nov. 28. UBS is also working as a joint global coordinator on the deal, Reuters reported on Dec. 5.

The fashion brand’s IPO could take place as soon as the first half of 2024 and could value the company at roughly 3 billion euros, the FT reported on Nov. 28.

Permira bought Golden Goose from U.S. buyout fund Carlyle in February 2020. The deal valued the firm at 1.28 billion euros, Reuters reported at the time.

(Editing by Lisa Jucca and Oliver Taslic)

((For previous columns by the author, Reuters customers can click on BARBAGLIA/
pamela.barbaglia@thomsonreuters.com; Reuters Messaging: pamela.barbaglia.thomsonreuters.com@reuters.net))

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