mynth
← DATABASE
12/2020

GOLDEN GOOSE acquired by PERMIRA

ITALY Consumer Products / Fashion & Apparel EV 1b - 4b EUR

Context

Permira agreed to acquire a majority stake in Golden Goose from The Carlyle Group, prevailing over rival bidder Advent International after a year-long negotiation process. This transaction represents a classic "Secondary Buyout," where a new private equity owner takes the baton to drive the next phase of growth. Under Carlyle's ownership (since 2017), Golden Goose had already doubled its revenue. Permira's strategic plan focuses on accelerating the brand's global expansion, particularly in the US and Asian markets, and shifting the business model further towards Direct-to-Consumer channels (both physical retail and e-commerce) to capture higher margins and control the brand experience.

In the past, the company had already been the subject of several LBOs, notably led by Apheon in 2015 and The Carlyle Group in 2017. These multiple LBO cycles illustrate the strong appeal for this type of asset.

GOLDEN GOOSE, which reported an EBITDA margin of in 2019, is valued in this transaction at an EV/EBITDA multiple of , representing a to the average currently observed in the Retail & Consumer sector (11.2x).

-> Deep-dive in Retail & Consumer market trends

Target

Golden Goose is an italian luxury shoes brand, famous for its "superstar" model with the iconic star and deliberately worn-out look, the brand bridges the gap between streetwear and high fashion. Its products are distributed through a strong wholesale network and flagship stores.

Ent. Value

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year
Rev
EBITDA
EBIT
2019
2018

Other operations with GOLDEN GOOSE

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
DateAcquirerTargetCountrySector
12/2025HSG (FORMERLY SEQUOIA CAPITAL CHINA)GOLDEN GOOSEITALYFashion & Apparel
02/2017THE CARLYLE GROUPGOLDEN GOOSEITALYFashion & Apparel
05/2015APHEON (EX ERGON)GOLDEN GOOSEITALYFashion & Apparel

REFERENCES

Valuation range: EV 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 50M - 100M EUR

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of GOLDEN GOOSE by PERMIRA are reserved for mynth community members. Register for free to unlock full data.

Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Target: golden goose

Acquirer: permira