Pambianco Study: Golden Goose Again Ranks First in Potential IPO 2021 List
New entry LuisaViaRoma follows Golden Goose and Calzedonia Group holds the third spot.
By Luisa Zargani Plus Icon
Luisa Zargani
Bureau Chief, Milan
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December 15, 2021, 11:16am
A display of Golden Goose sneakers. courtesy image
MILAN — Golden Goose again took the top spot this year as the company with the most potential to publicly list, according to Milan-based consultancy Pambianco Strategie di Impresa.
The fashion company, which built its success on a range of bestselling sneakers, was followed by new entry LuisaViaRoma and innerwear company Calzedonia Group, founded by Sandro Veronesi, which controls the Calzedonia, Intimissimi and Tezenis labels as well as knitwear brand Falconeri, bridal line Atelier Emé and wine retailer Signorvino.
Last year, Stone Island was in second position and the Ermenegildo Zegna Group in third. What a difference a year makes — and not only due to the impact of the COVID-19 pandemic — as Sportswear Company SpA, owner of the Stone Island brand in 2020 was acquired by Moncler, which is publicly listed, and Zegna is planning to go public this month on the New York Stock Exchange after entering into a business agreement with Investindustrial Acquisition Corp., a special purpose acquisition corporation, sponsored by investment subsidiaries of Investindustrial VII LP.
The study analyzes the companies that have the economic, financial and positioning characteristics to be listed in a timespan of three to five years, regardless of whether a listing is in the plans of the firm.
Golden Goose in February last year 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. The brand achieved much of its success with the Superstar sneaker, which offers 400 variations a year. Golden Goose prides itself on keeping its products handmade in Italy and offers customization through the Lab project.
In September, Italian private equity firm Style Capital invested 130 million euros to acquire a 40 percent stake in Florence-based multibrand e-tailer LuisaViaRoma, one of the leading luxury online shopping destinations in Europe and the U.S.
The operation was mainly made through a capital increase, aimed at supporting the future growth of the e-commerce platform, which has a turnover of around 230 million euros. Andrea Panconesi, whose grandmother Luisa Jaquin in 1929 opened a small boutique on Florence's Via Roma, was appointed chairman. A month later, Yoox veteran Alessandra Rossi was named CEO.
As per Pambianco, in the beauty sector Agf88 Holding, which produces professional hair and skin care products, ranked first, taking over Euroitalia's spot. The Italian company produces and distributes fragrances for Versace, Moschino, Dsquared2 and Missoni, among others. Sodalis was confirmed once again second in the ranking, followed by Pinalli, which took over Davines' spot last year.
Each year, Pambianco ranks the companies based on eight parameters: percentage growth (in this case in the 2018 to 2020 period); average EBITDA percentage in the three-year period; brand awareness; size; exports; distribution control (directly operated stores and e-commerce), and market positioning (high, medium, low).
The 2021 edition selected 30 fashion companies, 10 beauty firms, 20 in the design segment and 10 in the wine industry.
David Pambianco, CEO of Pambianco Strategie di Impresa, said being part of the list means certifying the companies' "ability to produce value."
"This year, we wanted to increase the weight of the parameter indicating a company's growth percentage and also include in the ranking the activities that have developed most of their business online," said Pambianco, noting that this was even more necessary after the acceleration of this channel during the pandemic.
Analyzing the best in class, Pambianco said the beauty sector registered an average sales decrease of 2.9 percent in 2020. The wine segment saw a 3.8 percent decrease and design a 4.7 percent drop. The fashion sector was the most hit, with sales down 21 percent.
Among the small caps, with revenues below 50 million euros, the top spot was taken by swimsuit label MC2, followed by outerwear specialist Moorer and jewelry brand Raspini.
In the wine category, Santa Margherita, owned by a number of members of the Marzotto family, was in the first spot, pushing Marchesi Antinori into the second and Frescobaldi in the third.
A special award went to the Armani Group, to Davines and Artemide for their sustainability efforts.
"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.