Golden Goose

Established: 2000

Country: Italy

Region: Veneto

Investors: The Carlyle Group

Founded in 2000 by Alessandro Gallo and Francesca Rinaldo and headquartered in Venice (Italy), Golden Goose is a leading designer of contemporary high-end clothing, globally recognized for its sneakers. It has become one of the fastest growing and distinctive luxury brands in the global marketplace.

The company operates in Europe, US and Asia, with a network of more than 100 direct retail stores, a state-of-the-art directly operated online platform, and strong wholesale distribution.

Carlyle acquired Golden Goose in 2017 and has contributed significantly to an exceptional period of growth for the company during its ownership period. In acquiring Golden Goose, Carlyle understood its high growth potential, based on its unique high-end market positioning, favourable market trends and its commitment to building a distinctive brand identity.

Prior to the acquisition, a significant portion of revenue sales (~35%) was generated in Italy, and there was a clear opportunity to build the brand internationally and grow its worldwide retail and online presence. Accelerating Golden Goose’s international expansion was a key focus, leveraging Carlyle’s well-established track-record in scaling consumer brands, with previous investments in the space including Moncler, Twinset and Hunkemöller.

from 7 to 99

directly operated stores, incl. duty-free in South Korea

employees (+540) in 4 years

+11

new sneakers launched in 4 years

On our growth path, the contribution of Carlyle was essential, in terms of both capital injection and skills for the creation of a corporate management culture. The key to success was undoubtedly being able to build a virtuous dialogue between the parties, sharing a clear vision and core values with the common goal of creating continuity with the path laid out up to that moment, always maintaining a strongly international scope.

We thank Carlyle for their support and partnership in leading the company through a phenomenal period of expansion.

Key achievements

In partnership with management, Carlyle supported Golden Goose’s exceptional growth trajectory through the following initiatives: (i.) international growth acceleration, focused on insourcing of key activities and expansion of direct-to-customer sales channels, (ii.) key strategic appointments and (iii.) expansion of product range.

(i.) International expansion

Over the life of the investment, Carlyle was instrumental in establishing the company as one of the fastest growing and most distinctive luxury fashion brands, globally
Carlyle concentrated on accelerating international expansion, setting up dedicated regional teams in key new markets, such as the US and China, and/or insourcing distribution networks, such as South Korea and Japan, opening new retail stores, and growing its omni-channel platform
Golden Goose rapidly expanded from seven directly operated stores to almost 100 stores, growing its exposure to key fashion markets that had been underserved
The company’s sales and EBITDA grew from €101m and €32m in 2016, respectively, to €263m and €83m in 2019, illustrating a remarkable period of growth

(ii.) Strengthened management team

Carlyle initiated the appointment of Silvio Campara as CEO, former Gucci President and CEO Patrizio Di Marco as Chairman
We helped stablish a strong, regional CEO structure that has underpinned the company’s development strategy in previously less established markets (North America, APAC, South Korea)

(iii.) Product innovation and brand heritage

Staying consistent to its distinctive brand identity, Carlyle supported the innovation and expansion of the company’s product range
The scaling-up of production capacity at key suppliers, whilst maintaining the brand’s emphasis on quality, artisan products that are ‘Made in Italy’