Permira-backed luxury sneaker maker Golden Goose Group SpA has decided to postpone its planned initial public offering, people familiar with the matter said.

The company and its owners have taken the decision to shelve the listing amid a drop in luxury stock valuations due to political uncertainty in Europe, the people said, asking not to be identified discussing confidential information.

Representatives for Permira and Golden Goose declined to comment.

Golden Goose earlier priced the IPO at €9.75 ($10.50) a share, toward the lower end of a marketed range of €9.50 to €10.50. The listing could have raised as much as €595.7 million and valued the company at about €1.7 billion, according to Bloomberg calculations.

Golden Goose was set to sell about 10.5 million shares, while majority-owner Permira was to offer 43.6 million existing shares. The shares were set to start trading on June 21.

The decision to postpone comes amid a turbulent period for European stocks, with volatility unleashed by political upheaval in France after President Emmanuel Macron’s snap election announcement sparked a market rout.

By Swetha Gopinath and Dinesh Nair

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