Golden Goose, the “dirty” sneaker brand favoured by Taylor Swift, has postponed its planned stock market listing after the French general election caused turmoil in European stock markets.
“The significant deterioration in market conditions following the call of the European Parliament elections this month and general elections in France is affecting European markets, in particular the luxury sector,” the Italian brand, owned by British private equity group Permira, said in a statement on Tuesday night.
Golden Goose added that it does not believe “the current market environment is appropriate for the company to go public.”
The company, which makes second-hand “shabby chic” sneakers, had reportedly already decided to price its shares at the lower end of the price range it was considering.
Golden Goose had offered shares to potential investors at between 9.50 euros and 10.50 euros (8.02 pounds to 8.87 pounds), but the company settled for 9.75 euros, according to terms reported by Bloomberg on Tuesday morning.
However, after 9pm on Tuesday, the company announced it was cancelling its planned listing on June 21.
Golden Goose intended to list at least 25% of its shares on the Milan Stock Exchange.
Golden Goose said it had received “strong support from across the investment community” despite the change in plans.
The luxury sneaker brand has a celebrity following including Taylor Swift, Selena Gomez and Chris Hemsworth, but its hundreds of pounds worth of trainers have also been mocked on social media as “filthy” – the shoes are deliberately distressed to give the appearance of being well-worn.
The decision to suspend the stock market plan comes after more than a week of turmoil in European stock markets, as investors continue to sell off European shares, particularly since parliamentary elections in Italy, France and Germany that saw far-right parties win significant support.
Giorgia Meloni’s Italian Brotherhood has been elected Italy’s largest party in the European Parliament.
Uncertainty is growing in European markets after President Emmanuel Macron announced early elections just over a week ago after losing his presidential election to Marine Le Pen’s National Rally.
Italy’s blue-chip FTSE MIB index has fallen 3.9% this month.
