Golden Goose secures majority investment from Permira Funds
A company backed by Permira funds has agreed to acquire Carlyle Group’s majority stake in Golden Goose, a growing luxury fashion brand in the leisure and sports footwear sector.
The company has operations in Europe, US and Asia, has a network of 100 Directly Owned Stores (DOS) and a fast growing online presence.
Carlyle acquired Golden Goose in March 2017 through Carlyle Europe Partners IV (CEP IV), a European-focused, upper-mid market buyout fund, and Carlyle Asia Growth Partners V (CAGP V). During their ownership, revenues have grown from EUR100 million to estimated revenues in excess of €260m for 2019. Carlyle has a well-established track record in consumer brands globally, with investments including Moncler, Twinset and Hunkmöller.
Permira has a strong track record of partnering with global consumer brands and their management teams to successfully grow their businesses and enhance their market leading positions. The consumer team have made 33 investments totalling over EUR9.6 billion with total current sales of EUR3.6 billion. Existing and previous investments include Dr Martens, the iconic British footwear brand, Reformation, the leading digitally-led clothing brand, Hugo Boss and Valentino.
Silvio Campara, CEO at GG, says: “Since the foundation of Golden Goose in 2000, we have strived to create innovative products for our customers, combining craftsmanship and a refined and modern style. We thank Carlyle for their support and partnership in leading the company through a phenomenal period of growth. Today marks an important milestone for the brand, as we partner with Permira. Their experience and excellent track record in the consumer sector will be invaluable to us as we continue to grow and deliver our products to an increasingly global audience.”
Francesco Pascalizi, Partner at Permira, says: “Golden Goose is a “next-gen” luxury brand and can be considered the ‘creator’ of the high-end sneakers category. Over recent years the company has experienced outstanding growth, driven by its excellent management team. We look forward to leveraging our experience to support Golden Goose through the next phase of development.”
Massimiliano Caraffa, Managing Director at The Carlyle Group, says: “We are delighted to hand over the control of Golden Goose to Permira, to continue its journey in becoming a global iconic lovemark. We are particularly proud of having contributed to the company’s exceptional growth over the past three years, including opening 100 directly-owned stores globally and establishing a leading omnichannel platform.”
The transaction is subject to customary conditions and is expected to close in the next months.