Celebrity kicks
Scruffy style at Golden Goose
Good morning, style savants. This is your Stock Market Rundown for May 29th, 2024. Thanks for stepping into today’s send. Let’s get started:
TODAY’S TOP STORY: DISHEVELED STYLE
Picture the sneakers you wear to wash the car or mow the lawn. Scuffed-up and worn-out, right? Now picture paying $500 for them.
Golden Goose sneakers are famous for their “distressed look”… meaning, when you buy them, they look like somebody already ran a marathon in them. Well, we love jeans that look like they survived a fight with a wolverine, so why not beat-up shoes too, right?
Don’t let the Goodwill donation box appearance fool you, though. These high-priced shoes are handmade in Italy, and the distressing is done by hand. Yep, it takes a lot of effort to look this shabby.
Golden Goose was founded in 2000 by a Venetian husband-and-wife fashion duo. When they introduced the “Super-Star” sneaker, it was an instant hit with fashionistas. Soon celebrities like Reese Witherspoon and Taylor Swift were donning the dingy footwear, and management opened retail stores from Paris to Beijing.
CEO Silvio Campara shepherded the company’s growth over the past decade from skateboarder-chic cult brand to €500 million-per-year fashion empire. Now the company’s private equity owners are planning an IPO on the Milan stock exchange, looking for a €3 billion valuation.
Apparently, when Golden Goose was choosing which bank would lead its IPO, bankers came to pitch meetings wearing the brand’s sneakers with their suits. Hey, at least they make the subway commute more comfy.
SO WHAT ELSE IS GOING ON?
US politicians just approved a bill that will make life easier for crypto promoters, and the SEC is not amused. Okay, letting retail investors speculate with their savings is risky, but “buyer beware” is the first rule of American capitalism.
Capital goods orders are rebounding. Either businesses are feeling more optimistic about the economy, or they’re just really excited about getting new office chairs.
Capital markets are speeding up: as of this week, Wall Street is moving to one-day trade settlement, from the prior standard of two days. Back-office employees, prepare to skip your smoke breaks.
JP Morgan will have to pay $100 million in fines for breaking compliance rules by skimping on trade reporting. Apparently, they kept the details of their trading more secret than I keep my 2 AM refrigerator raids.
Farewell for today, team. Can't wait to dive into more with you tomorrow morning. Yours in capitalism, The Axe
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