Golden Goose cancelled its IPO, blamed France

Golden Goose, a luxury trainers brand, has cancelled its recently mooted stock market IPO, blaming instability in the European market.

The decision by the Venice-based sneaker brand and its British owners, private equity firm Permira, followed the recent snap election in France which has caused turmoil in European stocks.

"The significant deterioration in market conditions following European Parliament elections this month and the calling of a general election in France have impacted European markets performance and, in particular, the luxury sector," the company said in a statement.

Golden Goose had wanted to pitch its stock market valuation between €1.7 billion and €1.9 billion, making it potentially Italy's largest IPO in over a year.

The company is known for its high-priced and pre-scuffed sneakers, which sell for between $585 and $820 per pair and are a “celebrity favourite” – worn by the likes of Taylor Swift, Selena Gomez, and Reese Witherspoon.