Luxury sneaker maker Golden Goose Group SpA has decided to postpone its planned initial public offering “as a result of European market volatility.”

The suspension was not related to demand for the company’s offering.

“The book of demand was covered across the price range from the first hour of bookbuilding and is well oversubscribed across the range,” said the statement.  “As part of the IPO process, the company has engaged widely with investors. The reception of the story has been very positive, with strong support across the investment community.”

However, “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 statement added that the IPO will be “reassessed in due course,” but a source told Women’s Wear Daily the offering could be delayed until 2025.