Golden Goose De Luxe acquired by Carlyle, puts former Geox GM in charge
There is a new man at the helm of Golden Goose Deluxe Brand (GGDB), following the label's acquisition by US investment fund Carlyle Group. The Italian casual chic label founded in 2000 by designers Alessandro Gallo and Francesca Rinaldo announced the acquisition's completion in a press release, welcoming in the same breath the appointment of Giorgio Presca as its new CEO.
"The operation was carried out via Carlyle Europe Partners IV (CEP IV), an investment fund specialised in the medium and high-end segment in Europe, and Carlyle Asia Growth Partners V (CAGP V)," stated the press release. The value of the transaction was not disclosed, though it is estimated to be in the region of €400 million.
In January Giorgio Presca left Italian footwear manufacturer Geox, which he led since 2012 and whose relaunch he engineered, to join forces with Carlyle and help the investment fund set up its bid for Golden Goose. The senior executive has formerly worked for Diesel, Levi Strauss, Benetton and VF Corporation, and will now take charge of the Italian apparel, footwear and accessories label for men and women, whose style is inspired by the look of Californian skateboarders.
He replaces Roberta Benaglia, who was the first to spot the brand's potential, becoming its majority shareholder in 2013 through her DGPA investment fund, before selling to Ergon, which in turn sold GGDB to Carlyle.
Between 2013 and 2016, GGDB's revenue grew from €20 million to €100 million, 65% of which was generated outside Italy. The company has a staff of 100 and is targeting between €130 and €140 million in sales this year. GGDB is currently distributed via some 750 multibrand stores, plus eight monobrand stores, in Milan, Amsterdam, Paris, New York, Beirut, Tokyo, Seoul and London, as well as through some retail corners in France, South Korea and Japan.
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