Golden Goose sneakers look used. The company could be worth $3 billion.
Luxury sneaker brand Golden Goose isn't afraid of a little wear and tear.
Boosted by A-list celebrities like Taylor Swift and Chris Hemsworth, the Italian company has made a splash in the fashion world by selling scuffed up sneakers bearing what it describes as a "vintage finish." And that lived-in look will cost you.
Golden Goose's leather, suede and canvas-style sneakers with rubber soles retail for roughly $500 to $900 a pair, while some limited-edition styles fetch thousands. Occasionally, Golden Goose store windows feature washing machines, suggesting they've either already been through a cycle or could use a wash.
The faux dirt isn't taking the shine off Golden Goose's business, however. Bloomberg recently reported that the shoe company is set to announce plans to go public in Milan at a valuation of more than $3 billion. On Thursday, Golden Goose announced its intention to list shares of the company on the Euronext Milan market next week.
"While the fashion world is all about product desirability, consumers want to create a deeper connection with brands through shared values and culture. At Golden, we have built a brand that people love and are loyal to, and that has delivered strong, profitable growth with a purpose," Golden Goose CEO Silvio Campara said in a statement.
In 2023, Golden Goose reported net revenue of about $634 million, growing 18% from a year earlier. The company opened 21 new stores globally in 2023, driving growth through direct-to-consumer sales.
Founded in 2000, Golden Goose introduced its distressed sneakers in 2007, with their seeming nonchalance helping them stand out against traditionally luxurious footwear styles. The brand also benefitted from street style being in vogue. Private equity firm Permira Funds purchased the sneaker brand in 2020.
"No matter how old you are, you are always wearing your Levi's or your Ray-Bans. So this is where we are hoping to land," Campara told the Financial Times in December.
According to Bloomberg, Golden Goose's stock is expected to start trading in Italy before July.
"An IPO is the natural next step in the success story that started in Venice in 2000 and I am deeply proud to lead the Golden Goose Family to this moment," Campara said.