Luxury Sneaker Maker Golden Goose's IPO Books Fully Covered

Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China, September 23, 2020. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights
Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China, September 23, 2020. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights
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Luxury Sneaker Maker Golden Goose's IPO Books Fully Covered

Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China, September 23, 2020. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights
Sneakers of Italian high fashion sneaker brand Golden Goose are displayed at its store in Beijing, China, September 23, 2020. REUTERS/Tingshu Wang/File Photo Purchase Licensing Rights

Books for the initial public offering (IPO) of Italian luxury sneaker maker Golden Goose were covered in full shortly after the offer opened on Thursday, with investor demand exceeding the entire deal's size throughout the price range, bookrunners said.

Golden Goose, owned by private equity firm Permira, this week set a price range of 9.50 euros to 10.50 euros for the share listing, aiming at a market capitalisation of up to 1.86 billion euros ($2 billion), below earlier expectations.

The company was founded in Venice in 2000 and sells shoes for about 500 euros a pair. It has posted steady growth in the past few years, both in terms of revenue and core profit, Reuters.

Sales grew on average 23% over the last three years, and they are expected to increase around 9% in the medium-long term.

The company's IPO document acknowledged that a business that relies heavily on a single product category could represent a risk. Its growth plan, however, envisages expansion into categories including ready to wear boots and accessories.

At the end of last year, sneakers accounted for 89% of the group's total net revenue, with sales of its Super-Star model making up 42% of the total.

The IPO prospectus listed among the company's strengths its "highly engaged community" of customers but flagged its limited exposure to the Asia Pacific region as a weakness.

As luxury demand slows globally, Golden Goose said is well placed at the "optimal entry-to-luxury price point", with its products appealing both to habitual luxury shoppers and to consumers approaching luxury for the first time.



Saudi Team Wins 6 Awards at 2024 International Mathematical Olympiad in UK

Saudi Team Wins 6 Awards at 2024 International Mathematical Olympiad in UK
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Saudi Team Wins 6 Awards at 2024 International Mathematical Olympiad in UK

Saudi Team Wins 6 Awards at 2024 International Mathematical Olympiad in UK

Under the auspices of the King Abdulaziz and His Companions Foundation for Giftedness and Creativity "Mawhiba" and the Ministry of Education, the Saudi mathematics team won six awards at the 65th International Mathematical Olympiad (IMO) 2024 held in the UK from July 15 to 21.

The event featured 603 talented students from 104 countries, with the Saudi team securing 1 silver medal, 4 bronze medals, and 1 certificate of appreciation.

Hadi Al-Aithan from the Al-Ahsa education department won the silver medal, while Youssef Bakheet (Yanbu education department), Mohammed Rabie (Madinah education department), Muath Al-Qahtani (Al-Sharqiyah education department), and Ahmed Al-Shehri (Riyadh education department) received bronze medals.

Mohammad Al-Ghamdi from the Al-Sharqiyah education department was honored with a certificate of appreciation.

Secretary-General of Mawhiba Amal Al-Hazzaa extended her congratulations to Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and Prince Mohammed bin Salman bin Abdulaziz Al Saud, Crown Prince and Prime Minister of Saudi Arabia, for this remarkable national achievement.

She also congratulated the students, their families, schools, teachers, and education departments for their outstanding accomplishment and wished them continued success.

Al-Hazzaa described this triumph in such a prestigious competition as a moment of immense pride for the entire nation.

Furthermore, she underlined her gratitude to Minister of Education Youssef Al-Benyan for his unwavering support of Mawhiba and the exceptionally talented students in public education.

She commended the minister's dedication in providing necessary resources and opportunities, which have contributed to the fruitful partnership between the ministry and Mawhiba.

Furthermore, she highlighted Al-Benyan’s efforts to empower Saudi talents and propel them to greater heights of achievement through this collaboration.

Saudi Arabia's participation in the IMO 2024 is part of the Mawhiba International Olympiad program, which operates under a strategic partnership with the Ministry of Education. The program is one of 20 different initiatives offered annually by Mawhiba and the ministry, providing advanced curricula and enriching programs.

The initiatives offer a multi-phase journey for gifted students, exploring, boosting, and empowering their ambitions, in collaboration with local and international partners.

Students enrolled in the Mawhiba International Olympiad program undergo rigorous training, over 1,000 hours a year, in cooperation with the ministry. The training, focused on their chosen scientific track, is delivered under the guidance of local trainers and international Olympiad experts.

With this latest achievement, Saudi Arabia's tally of IMO awards has risen to 77, including 12 silver medals, 46 bronze medals, and 19 certificates of appreciation.