The Carlyle Group has agreed to sell its majority stake in Golden Goose to Permira. Terms of the deal were not disclosed. The transaction is subject to customary conditions and is expected to close in the next months.
Carlyle acquired Golden Goose in March 2017 through Carlyle Europe Partners IV, a European-focused, upper-mid market buyout fund, and Carlyle Asia Growth Partners V. During its ownership, revenues have grown from €100 million to estimated revenues in excess of €260 million for 2019. Carlyle has a well-established track record in consumer brands globally, with investments including Moncler, Twinset, and Hunkmöller.
Permira, which partners with global consumer brands, has made 33 investments totaling over €9.6 billion with total current sales of €3.6 billion. Existing and previous investments include Dr. Martens, the iconic British footwear brand, Reformation, the leading digitally-led clothing brand, Hugo Boss, and Valentino.
“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,” said Silvio Campara, CEO at Golden Goose. “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.”
“Golden Goose is a ‘next-gen’ luxury brand and can be considered the ‘creator’ of the high-end sneakers category,” added Francesco Pascalizi, partner at Permira. “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.”
Established in 2000 in Venice, Italy, Golden Goose is one of the fastest-growing and most distinctive luxury fashion brands, widely recognized for its iconic sneakers. The company has operations in Europe, the U.S., and Asia, has a network of 100 directly-owned stores and a fast-growing online presence.