Golden Goose waiting for right conditions to list, nine-month core profit up 11%

Golden Goose is still committed to an IPO but will wait for the right market conditions to restart the process, the Italian luxury sneaker maker’s CEO said on Wednesday, as it reported an 11% rise in core profit for the first nine months of the year.

Earlier this year, Golden Goose postponed its initial public offering (IPO) on the Milan bourse due to market volatility caused by political uncertainty in Europe.

“We will wait for the right market window. And we will be ready,” Chief Executive Silvio Campara told Reuters in a phone interview.

The company, which sells sneakers for more than €500 a pair, said its adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) rose to €163 million ($172 million) in the nine months, equal to 35% of revenue.

Net revenue at Golden Goose, which is controlled by private equity firm Permira, rose 12% at constant exchange rates in the period, helped by 17 new stores.

The company is defying a slowdown in demand for luxury goods thanks to its focus on customising shoes in stores, which has created a loyal clientele, Campara said.