Carlyle Asia secures exit as Permira buys Golden Goose for $1.4b

The exit comes on the back of a concerted Asian expansion drive. When Carlyle invested, there were no directly owned Golden Goose outlets in the region. Now there are 58, accounting for over half of the company’s global footprint. Mainland China and Korea are the largest markets by store numbers. Revenue is expected to reach EUR260 million in 2019, up from EUR100 million in 2016.

Carlyle bought the asset from Ergon Capital Partners through its fourth Europe-focused upper-middle market buyout fund and its fifth Asia growth fund. The latter vehicle – which pursues small buyout and late-stage growth deals in China, India and Korea – has $300 million in committed capital. It launched in 2017 with a target of $1 billion. Permira is currently deploying its seventh global fund, which closed last year at EUR11 billion. It invests in companies based in Asia as well as those with Asian expansion strategies.

Established in 2000 and headquartered in Venice, Golden Goose claims to be one of the world’s fastest-growing and most distinctive luxury fashion brands. Its pre-distressed style sneakers are worn by the likes of Selena Gomez, Reese Witherspoon, and Taylor Swift. The Superstar line, which comes decorated with feathers as well as the brand’s signature star, sells for $1,770 a pair. Golden Goose also produces clothing, bags and other accessories.

Carlyle has helped the business grow from a regional into a global brand, while emphasizing flagship stores and omnichannel retail. Prior to its ownership, Golden Goose distributed products through a network of franchisees, with only eight directly owned stores. There are now 100 stores and an online retail presence.

 “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,” said Francesco Pascalizi, a partner at Permira, in a statement.

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• Topics
• Greater China
• Europe
• Trade sale
• Consumer
• North Asia
• Asia
• China
• The Carlyle Group
• South Korea
• Permira Advisers