MILAN — The Carlyle Group has completed the acquisition of the buzzy luxury sneaker label Golden Goose Deluxe Brand and tapped Giorgio Presca as chief executive officer, effective immediately.
Presca had previously held a similar role at the Italian footwear company Geox, which he joined in 2012. Presca has worked in the fashion for 25 years, with roles including ceo of Citizens of Humanity; president of VF Jeanswear International; brand general manager at Diesel Group, and brand director for the Europe, Middle East and Africa region at Levis Strauss & Co. His early career includes marketing positions at Nordica and Lotto.
Marco De Benedetti, managing director and co-head, Carlyle Europe Partners, emphasized the “strong growth potential” of Golden Goose and Presca’s expertise, “deep roots in the fashion and footwear industry and a successful history of brand management, retail excellence and international business development experience.”
Carlyle purchased the Italian fashion company from the founders and management team; Ergon Capital Partners, and Zignago Holding SpA, which is controlled by the Marzotto family.
Although financial terms were not disclosed, a well-placed market source said the private equity fund is paying 400 million euros, or $431.2 million, as reported.
Ergon Capital Partners III SA acquired a majority stake in Golden Goose in 2015.
Presca succeeds Roberta Benaglia, who was also ceo of private equity fund Style Capital, which held a minority stake in the Italian brand.
The luxury sneaker brand was founded by creative directors Alessandro Gallo and Francesca Rinaldo.
The investment was made specifically by Carlyle Europe Partners IV, a Europe-focused, upper-midmarket buyout fund and Carlyle Asia Growth Partners V.
Golden Goose Deluxe Brand will be Carlyle’s fourth significant investment in the European fashion and apparel sector following previous investments in Moncler; TwinSet Simona Barbieri, an Italian fashion company, and Dutch lingerie firm Hunkemöller International BV.
Golden Goose was established in 2000 with headquarters in Venice, Italy, and last year revenues totaled more than 100 million euros, or $107.8 million. Exports accounted for almost 60 percent of sales. The company has eight directly operated flagships and the brand is carried in more than 700 multibrand stores and franchisees.