Private equity firm Permira has reached an agreement to buy Italian luxury sneaker brand Golden Goose, a source familiar with the matter told Reuters on Wednesday.

U.S. investment firm Carlyle, the current owner of the Venice-based shoemaker known for its €400 ($437) sneaker with a five-point star on the side, kicked off the sale process late last year. Sources have said Carlyle aimed for bids valuing the brand at no less than €1.2 billion.

Permira was vying with rival private equity firm Advent and U.S. SPAC Acamar, one source had said. It was seen as a strong contender for the asset given its expertise with luxury brands, including Valentino and Hugo Boss, which used to be part of its investment portfolio, several sources have said.

Permira also owns British work boots brand Dr Martens, which was set for an initial public offering. A spokesman for Permira was not immediately available for comment.

Golden Goose was founded in 2000 by designers Francesca Rinaldo and Alessandro Gallo. In 2013, it was taken over by Italian private equity fund DGPA which sold it to mid-market investment firm Ergon Capital two years later.

In 2017 the brand moved to Carlyle which drove its expansion in the United States and Asia with flagship stores in New York, Tokyo and Beijing.

Led by Chief Executive Silvio Campara, Golden Goose has also expanded its product range to include clothing and accessories, with a focus on leather goods.

Group revenue rose from less than €50 million in 2014 to almost €200 million in 2018, 80% generated outside of Italy.