On January 28 (local time), Italian luxury sneaker, apparel, and accessories brand Golden Goose Group S.p.A (Golden Goose) announced that Hong Kong-based investment firm and family office Blue Pool Capital has made a strategic minority investment of approximately 12% in the group. The majority stake in Golden Goose remains with funds managed by Permira, an international private equity firm. The deal was negotiated and reached shortly after Golden Goose decided to postpone its planned June 2024 IPO.
Founded in 2004, Blue Pool Capital is the family office managing the wealth of Alibaba Group founder Jack Ma and its current chairman, Joe Tsai. The firm oversees several billion dollars in assets, with investments spanning gaming and entertainment software companies (Azarus, WePlay Media, Notre Game, Darewise Entertainment), a travel booking platform (GetYourGuide), a women’s sports media company (Just Women’s Sports), the Premier Lacrosse League, and educational software firm TinyTap, among others. In October 2023, French media reported that Blue Pool Capital was considering acquiring a minority stake in French fashion brand Sézane.
Golden Goose, established in 2000, is a next-generation global luxury brand specializing in luxury, lifestyle, and athletic apparel. In 2020, funds managed by Permira acquired a majority stake in the brand, with a vision to accelerate growth through direct-to-consumer (DTC) channels, particularly online and retail, while expanding product diversity and reinforcing the brand’s sustainability leadership. Since the acquisition, Golden Goose has experienced robust growth, more than doubling its revenue and expanding its customer base to approximately 2 million. The brand operates across the Americas, Europe, the Middle East, and the Asia-Pacific region, with over 200 stores and a strong online and wholesale distribution network.
Despite challenging market conditions in the luxury sector, Blue Pool Capital’s investment comes at a time when Golden Goose is demonstrating strong financial performance. In the nine months leading up to September 2024, the group’s revenue increased by 12% year-over-year at constant exchange rates, while adjusted EBITDA rose by 11%, driven primarily by DTC channel growth, which saw an 18% year-over-year increase at constant exchange rates.
In February 2020, Permira acquired a majority stake in Golden Goose from U.S. private equity firm The Carlyle Group, in a deal reportedly valued at approximately €1.2 billion.
In June 2024, Permira initiated Golden Goose’s IPO on the Milan Stock Exchange, planning to offer shares representing about 30% of the company’s total equity, with a targeted valuation of approximately $2 billion. At the time, Reuters, citing bookrunners, reported that all available shares had been fully subscribed. However, due to weak European luxury stock performance, Golden Goose decided to postpone the IPO.
Permira’s official press release stated that Blue Pool Capital’s investment marks a significant milestone for Golden Goose, serving as a testament to the group’s financial performance and potential as a global luxury brand. It highlighted that Blue Pool Capital’s extensive expertise in sports, entertainment, and consumer industries, along with its deep understanding of the Asia-Pacific market, would help expand Golden Goose’s influence and strengthen its connection with its large and growing customer base.
As part of the investment, Oliver Weisberg, CEO of Blue Pool Capital, will join Golden Goose’s board of directors.
Golden Goose CEO Silvio Campara commented, “We warmly welcome Blue Pool Capital as our strategic partner in our journey to redefine luxury. This partnership reflects the strength of our brand and the incredible global community of dreamers we have built. With Blue Pool Capital’s expertise, its strong network in the U.S. and Asia-Pacific, and its impressive track record in sports investments, we will push the boundaries of our dreams. Together, we will accelerate our growth through innovation while continuing to offer our community unique and authentic experiences.”
Oliver Weisberg, CEO of Blue Pool Capital, stated, “We have great confidence in Golden Goose and its management team—the brand’s positioning at the intersection of luxury and sportswear is truly unique. We look forward to adding value beyond capital to support Silvio and the incredible Golden Goose team in realizing the brand’s full potential.”
Permira’s Francesco Pascalizi and Giorgio Dinaro added, “We are delighted to welcome Blue Pool Capital as a new partner on this journey alongside Silvio and the Golden Goose team. We strongly believe that Blue Pool’s outstanding track record and global reach will further enhance Golden Goose’s potential as a unique luxury brand.”
J.P. Morgan and BofA Securities served as Permira’s financial advisors for the equity investment, while Maisto & Associati acted as tax advisor and Giliberti, Triscornia & Associati provided legal counsel.
| Source: Official press release, pitchbook.com
| Image Credit: Brand’s official website
| Editor: LeZhi
