The Hong Kong-based investment firm and family office Blue Pool Capital, founded by Joe Tsai, the co-founder and Chairman of Alibaba Group, has bought a 12 percent stake in Golden Goose. Oliver Weisberg, Blue Pool Capital’s Chief Executive Officer, will join Golden Goose’s board of directors.
Funds advised by Permira, a global investment firm, will retain a majority investment in the Italian brand of premium sneakers.
“The transaction was negotiated and agreed shortly after the Group’s decision to postpone its planned IPO in June 2024 and was completed today,” Golden Goose said in statement, welcoming the new shareholder.
“The new capital commitment from Blue Pool is a significant milestone for Golden Goose and a testament to the group’s financial performance and potential as a global luxury brand. Blue Pool’s deep expertise in the sports, entertainment and consumer industries, coupled with its deep knowledge of the APAC market, will help the group further expand its reach and deepen the bond between Golden Goose and its large and growing community of customers,” the Italian company added.
“We are huge believers in Golden Goose and its management team – and its positioning at the intersection between luxury and sportswear is truly unique. We look forward to adding value beyond our financing to support Silvio and the great Golden Goose team as they unlock the brand’s full potential,” said Weisberg, referring to Silvio Campara, Golden Goose’s CEO.
No financial details were released, but Blue Pool Capital bought the stake at a higher valuation than the one set for the missed initial public offering (IPO), according to the Italian daily Il Sole 24 Ore.
The Italian brand had set a price range of €9.50 to €10.50 per share for the IPO, implying a market capitalization of approximately €1,693 million to €1,860 million for the company. Golden Goose was planning to float about a third of its capital, including the over-allotment option. The IPO was canceled “as a result of European market volatility,” the company explained in June.
In 2020, Permira bought an 83 percent in Golden Goose for €1.28 billion from Carlyle, another private equity firm, which kept a stake in the shoemaker.
