Blue Pool Capital acquires 12% stake in footwear brand Golden Goose at A$3.7b valuation
Hong Kong-based investment firm Blue Pool Capital, backed by Alibaba co-founder Joe Tsai, has acquired a 12% stake in Italian luxury sneaker brand Golden Goose. The deal values the company at over €2.2b (A$3.7b).
Transaction snapshot
Deal value: €264m (A$440.8m)
Deal multiples: N/A
Deal type: Private equity stake sale
Investors: Blue Pool Capital
Blue Pool Capital’s 12% stake equates to approximately €264m (A$440.8m). Private equity firm Permira, which has owned Golden Goose since 2020 after purchasing it for just under €1.3bn (A$2.2b), retains its majority stake. The transaction follows Golden Goose’s abandoned Milan IPO in June 2023, where the company sought a lower valuation than what was achieved in this private sale.
Permira initially acquired Golden Goose shortly before the COVID-19 pandemic, at a time when interest rates were low and valuations were high. In 2023, the company withdrew its IPO plans due to volatile market conditions, including investor concerns over falling luxury stock prices and economic uncertainty following political shifts in France.
Despite these challenges, Golden Goose has shown strong financial performance. In the nine months leading up to September 2024, the brand reported a 12% year-on-year revenue increase, with its direct-to-consumer segment growing 18% in the same period.
The deal comes as private equity firms face growing pressure to return capital to investors amid a slowdown in exits and dealmaking. High interest rates have impacted valuations, making traditional exit strategies, such as IPOs, less viable.
Blue Pool Capital’s move aligns with a broader trend of high-profile investments in Italian fashion brands. In 2023, LVMH acquired a 10% stake in Double R, while L Catterton partnered with Tod’s founding family to take the company private. Reports suggest Diesel owner Renzo Rosso and former Gucci executive Marco Bizzarri are also considering acquiring Versace.
Golden Goose’s leadership remains committed to an eventual IPO but will wait for more favourable market conditions. The company believes Blue Pool Capital’s expertise in sports, entertainment, and consumer industries, as well as its strong presence in Asia Pacific, will help expand its global reach.
As part of the deal, Oliver Weisberg, CEO of Blue Pool Capital, will join Golden Goose’s board. The company has more than doubled its revenues since 2020, reinforcing its position as a key player in the luxury sneaker market.
