Pambianco Study: Golden Goose Ranks First in Potential IPO List
MILAN — This year, Golden Goose is taking Stone Island’s top spot as the company with the most potential to publicly list, according to Milan-based consultancy Pambianco Strategie di Impresa. Ermenegildo Zegna ranks third after Stone Island in second position.
The study analyzes the companies that have the economic financial and positioning characteristics to be listed in a range of three to five years, regardless of whether a listing is in the plans of the firm.
In 2019, Golden Goose followed Stone Island in the ranking, and in one year things have changed dramatically — and not only due to the impact of the coronavirus pandemic.
Golden Goose in February changed hands, as private equity fund Permira bought the Italian brand from the Carlyle Europe Buyout fund. The price was pegged at 1.28 billion euros, which implied that Permira paid more than 14 times the company’s 2019 earnings before interest, taxes and depreciation. Golden Goose continues to be led by chief executive officer Silvio Campara. Golden Goose achieved much of its success with the Superstar sneaker, which offers 400 variations a year. The brand prides itself on keeping its products handmade in Italy and offers customization through the Lab project.
Earlier this month, Moncler revealed it was taking over Sportswear Company SpA, owner of the Stone Island brand, in a deal valued at 1.15 billion euros, corresponding to a multiple of 16.6 times 2020 earnings before interest, taxes, depreciation and amortization and a multiple of 13.5 times the estimated 2021 EBITDA. Stone Island, founded in 1982 by Massimo Osti, is helmed by chairman and creative director Carlo Rivetti.
In the beauty sector, Euroitalia ranked first. The Italian company produces and distributes fragrances for Versace, Moschino, Dsquared2 and Missoni, among others. Sodalis and Davines ranked second and third, respectively.
This edition, wine companies were introduced as well as companies with sales totaling below 50 million euros.
Each year Pambianco ranks the companies based on eight parameters: percentage growth (in this case in the 2017 to 2019 period); average EBITDA percentage in the three-year period; brand awareness; size; exports; distribution control (directly operated stores and e-commerce); debt and market positioning (high, medium, low).
David Pambianco, chief executive officer of Pambianco Strategie di Impresa, said being part of the list means certifying the companies’ “ability to produce value.”
Adding smaller companies “further values the ability of our country to make room for companies that, while small in terms of size, express excellence and character,” said Pambianco.
The study for the 2020 edition selected 40 companies in fashion; 10 in beauty; 20 in design, and 10 in the wine sector, in addition to five small companies in each sector.
“Creativity, excellence, intuition and innovation once again emerged as fundamental qualities for Made in Italy companies. The stock markets have shown they strongly believe in the Italian entrepreneurial stories marked by a strong drive to grow, to internationalize and innovate and are waiting for new investment opportunities,” Pambianco added.
Among the smaller companies, swimsuit label MC2 ranked first, followed by outerwear brand Ciesse Piumini and down jacket specialist Save the Duck.
In 2019, Italian investment bank Mittel acquired 90 percent of Sport Fashion Service Srl, the company operating the Ciesse Piumini brand, 11 years after exiting an investment in Moncler. The fashion label was founded in 1976 by Silvano Cinelli and rose to prominence in the Eighties when Caroline of Monaco and her late husband Stefano Casiraghi sported Ciesse Piumini jackets during the Paris-Dakar rally.
In the wine category, Antinori ranked first, followed by Frescobaldi and Santa Margherita.
Sign up for WWD's Newsletter. For the latest news, follow us on Twitter, Facebook, and Instagram.
