Golden Goose, the pre-scuffed trainers brand beloved by Taylor Swift and J-Lo, has pulled its planned initial public offer.
The Venice-based company and its British owners, private equity firm Permira, made the decision after the snap election in France sparked turmoil for European stocks.
In a statement overnight, Golden Goose said "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 had been looking at a valuation of between €1.7 billion and €1.9 billion (£1.4bn-£1.6bn) in what was set to be Italy's largest IPO in over a year.
Golden Goose sells pre-scuffed sneakers at prices between $585 and $820 a pair, with fans including celebrities Swift, Selena Gomez and Reese Witherspoon.