Luxury goods stir up the stock markets

In just a few months, Tod’s exited Piazza Affari in Milan through a financial operation initiated by L. Catterton; the Swiss group Lalique considered delisting from the stock market; beauty giant Puig executed the largest IPO in Spain of the decade, and luxury sneaker manufacturer Golden Goose aimed to place 25% of its shares on the stock market. According to Bloomberg, this latter operation would value the Italian company at 3 billion euros.

In a period of economic instability in international markets, the comings and goings of major brands on stock exchanges are frequent. These decisions are tied to implementing the most effective financial strategies to overcome stagnation caused by economic fluctuations.

Exiting the stock market offers several companies (such as Tod’s or Lalique) the opportunity to regain strategic freedom without having to meet shareholder expectations and the constraints imposed by being a publicly traded company. For instance, Silvio Denz, the majority shareholder of Lalique (holding 51.1%), recently announced the launch of a public tender offer to withdraw from the Swiss stock market. He explained, “this decision will allow the group to fully concentrate on its activities.” Indeed, besides producing its iconic crystal items, the company is also active in the perfume and luxury hotel sectors. Last year, Lalique reported revenues of 179.2 million euros and a net profit of 2.4 million euros.

Conversely, others prefer to rely on the stock market and external investors to stimulate growth and achieve higher valuations. Golden Goose, for example, aims to raise 100 million euros through its IPO on Piazza Affari, Milan, to strengthen its capital structure and reduce its debt. In 2023, the group reported revenues of 587 million euros, with a record growth of +18%. Golden Goose, which aims to surpass the billion-euro mark within five years, aspires to expand its market into other developing regions such as South America and the Middle East.