MILAN, May 28 (Reuters) - Italian luxury sneaker maker

Golden Goose still sees a market listing as an excellent

opportunity but rules out an initial public offering this year

and is leaving the door open to M&A options, its CEO told

Reuters on Wednesday.

"An IPO remains a very good opportunity", Chief Executive

Officer Silvio Campara told Reuters in a phone interview, adding

that at the moment market conditions do not make that possible.

The company, which private equity firm Permira bought in

2020, tried to list on the Milan bourse last year, but pulled

the offering because of market volatility.

The company, which produces its 500 euros ($565) sneakers in

Italy, sees a limited impact from U.S. tariffs.

"If you follow the first sale rule, tariffs are applied to

production cost and not to the transfer price, so in our case

the 20% tariffs will translate to a 4% impact", Campara said. He

added that the U.S. represented roughly 40-45% of total revenue.

Within U.S. customs law, the first sale rule provides the

possibility for companies to pay duties on the price paid at the

original manufacturer, under certain conditions.

The U.S. has imposed a baseline 10% tariff on almost all

countries, including Italy. It has lined up additional

"reciprocal" tariffs if negotiations during a 90-day pause

should fail.

Golden Goose reported a 12% rise in net revenues at constant

exchange rates to 164.5 million euros in the first quarter,

driven by a strong performance in the Europe, Middle East and

Africa region, it said earlier on Wednesday.

The company added it had opened three new stores during the

quarter, with direct-to-consumer net revenues reaching 76% of

total net revenues.

Earlier this year Blue Pool, a Hong Kong-based investment

firm backed by Alibaba ( BABA ) co-founder Joe Tsai, bought a 12% stake

in Golden Goose.

($1 = 0.8828 euros)