According to people familiar with the matter, the US private equity giant Carlyle Group has recently become the most likely to successfully acquire the Italian light luxury brand Golden Goose Deluxe Brand (Chinese translation “Golden Goose”, hereinafter referred to as “Gold Goose”) Golden Goose “).
According to Hualizhi, in May 2015, Ergon Capital Partners II, an investment company focusing on medium-sized enterprises, acquired a 75% stake in GGDB from the Italian private equity fund DGPA SGR for about 80 million euros. The brand co-founded Alessandro Gallo and Francesca Rinaldo retain the remaining equity.
Golden Goose’s current CEO is Roberta Benaglia, CEO of Style Capital, a minority-equity private equity fund. He is expected to stay on after Golden Goose’s equity sale. On Friday, he denied rumors that Carlyle might acquire Golden Goose, and Carlyle declined to comment.
Sources said that two other private equity giants Permira and General Atlantic have also shown interest in acquiring cheap golden goose. It is reported that the final buyer will be determined on February 10.
Golden Goose was founded in 2000. The brand mainly features old-fashioned trendy shoes. The main feature is casual sports shoes made of high-quality leather, mostly decorated with the brand’s iconic five-pointed stars. Product categories include ready-to-wear, footwear, and accessories.
At present, Golden Goose has annual sales income of about 100 million euros and an operating profit of 32 million euros. It is available in 750 multi-brand collection stores worldwide, including 250 in Italy. The US market contributed 10 million euros in sales revenue, making it the fastest growing market for brands. Roberta Benaglia predicts that in the 2017 fiscal year, sales revenue in the US market will reach 15 million euros and 30 million euros in three years.
In the first quarter of 2017, Golden Goose will open a second store in New York on Madison Avenue and a flagship store in the Melrose area of Los Angeles. In the second half of 2017, the brand will set up additional sales points in Miami, and San Francisco, Dallas, and Houston are also planning.
In addition, Golden Goose is also expanding rapidly in the Far East. The brand currently manages 18 stores in Korea, and will open another 12 within three years. In December last year, Golden Goose welcomed its first store in mainland China in Taikoo Li, Sanlitun, Beijing. In January this year, Shanghai Hang Lung Plaza will also open a new store.
Roberta Benaglia said that in order to maintain the uniqueness of the brand, the distribution network in Italy is strictly controlled, but the business will also be expanded to the German, French, Dutch and Nordic markets in the future.
Currently, the fashion brands recently acquired by the Carlyle Group include: Italian fashion brand Twin-Set and Dutch underwear brand Hunkemöller. (For details, see the related report of Hualizhi: “The Carlyle Group increased its stake in the Italian knitting brand Twin-Set to 90%, and the private equity fund Carlyle acquired the old Dutch underwear brand Hunkemöller”)