Golden Goose on the Brink of Sale: Permira Fields €2.5 Billion Offer

Golden Goose, about to become one of the sales of the year. The Chinese investment fund HongShan has put on the table an offer valued at €2.5 billion to the private equity fund Permira, owner of the Italian luxury brand. The goal, as reported by local media, is to close the deal before December 25th.

With details on possible sale still to be defined, the offer gives the company led by Silvio Campara a value ten times higher than the basic profit forecast for the end of the year, including debt, according to data compiled by La Repubblica. Moreover, the purchase would be positioned as the most important luxury acquisition of the year, doubling the value of Versace’s sale to Prada, a €1.25 billion deal.

By the end of this year, Golden Goose is estimated to reach a gross operating margin of approximately €250 million, an increase of 10% over the previous year, when it recorded €227 million.

Golden Goose is 80% owned by the British fund Permira, the remainder being managed by the U.S.-based Carlyle Group

Golden Goose could also change captain following the acquisition. The Chinese giant has asked Marco Bizzarri, who was CEO of Gucci from 2015 to 2023, to become the future chairman of the group, of which he is already part as an independent director of Golden Gosse. Bizzarri would replace Maureen Chiquet, current president of the Italian brand since 2020.

Currently, the British fund Permira owns 80% of the Italian company since 2020, previously owned by the American Carlyle, now a minority shareholder.

The Asian giant HongShan, which manages a pool of $55 billion between companies and liquidity, floated PopMart on the stock exchange in 2018, the parent company of the famous Labubu. The group also operates in the automotive sector, as well as in luxury and sports fashion, where it has invested in firms such as Ami Paris or Amer Sports.