5 of the Most Anticipated Footwear and Fashion IPOs to Watch in 2024
While 2023 was relatively quiet when it came to initial public offerings (IPOs), many analysts and market watchers are keen on the hopes for a more robust cycle in 2024.
In fact, despite a challenging global economy and geopolitical landscape, the outlook for deal-making, IPOs, and corporate and investor activity is expected to improve in 2024, according to a recent note from Jim Esposito, Dan Dees and Ashok Varadhan, the co-heads of Goldman Sachs’ Global Banking & Markets business.
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IPO activity, which started to pick up in recent months, should accelerate in the back half of 2024, especially if the Fed starts cutting rates next year, Dees said. He noted that it’s not unusual for the IPO market to open and close. When financial markets are strong, public offerings tend to be robust, and vice versa.
And as 2024 heats up with a hopeful return to “normal” economic patterns, FN rounds up some of the most anticipated fashion and footwear IPOs to watch next year.
Golden Goose
After months of speculation, Golden Goose could end up being one of the most anticipated footwear IPOs next year. According to multiple reports, the Italian footwear and fashion brand is gearing up to file on the Italian stock exchange in Milan in 2024. More information came earlier this month via a Reuters report stating that Golden Goose is seeking to raise 1 billion euros ($1.1 billion) from the IPO. The company’s majority owner, buyout group Permira, has enlisted seven banks to underwrite what is set to be one of Europe’s biggest IPOs next year, Reuters reported. Golden Goose has yet to comment or confirm any of these reports.
ACBC
In a June interview with FN, ACBC co-founder and CEO Gio Giacobbe noted that the Italian eco-conscious footwear company was “gearing up” to file for an IPO on the New York Stock Exchange in the first part of 2024, as it sets its sights on increasing its influence in America. Giacobbe said at the time that the IPO is just part of what he wants to accomplish. “We want to be a socially conscious public company that uses its stock as part of the dream and part of the change, ultimately allowing employees and shareholders to be incentivized along the way to fostering a cleaner planet,” he said.
Shein
Sources have been buzzing for months that Shein was preparing to confidently file for an initial public offering with the Securities and Exchange Commission, and news reports in Asia and the U.S. said the company has finally submitted its registration statement for review. A confidential filing gives Shein some time to work out any kinks in the offering with the SEC. An IPO would give Shein a much higher profile and heavyweight stock status as its last fundraising round was said to set its valuation at $66 billion. Shein has yet to confirm these reports.
Skims
Kim Kardashian’s Skims brand snagged a $4 billion valuation by raising $270 million in a Series C funding round in July, which was led by Wellington Management and included funds from Greenoaks Capital Partners and existing partners D1 Capital Partners and Imaginary Ventures. The move was seen as a way to set the stage for an initial public offering. Fueled by Kardashian’s high profile and good product reviews, the four-year-old company has grown rapidly. Skims said its sales are headed toward $750 million this year, up from $500 million in 2022. Skims has raised a total of $670 million in its short life and, should the market cooperate and an IPO does happen, those early investors just might be able to cash out in fine fashion.
Fanatics
The Michael Rubin led sportswear company held its second investor day in nearly a year as the company quietly moves closer to an initial public offering, according to multiple reports. According to CNBC, more than 100 existing and prospective investors – including NFL legend Tom Brady – met with Rubin in New York in June to discuss the state of Fanatics’ business. The company has openly stated for years now that it will “eventually go public,” but the exact timing on when this may happen has always been elusive to pin down. Founded in 2011, Fanatics is currently valued at $31 billion.
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