It could finally be the right time for Golden Goose to debut on a stock exchange, most likely in Milan. A listing of the fashion sneakers brand, controlled by Permira and participated in by Carlyle, has been rumoured for some time. The last indications in this sense were spread last June, when there was rumours of a valuation of 2.5 billion euro (see here a previous article by BeBeez) and already in March 2022 there were rumours of a possible ipo, at that time considering the New York Stock Exchange (see here a previous article by BeBeez), a hypothesis then paused because of the difficult macroeconomic conditions, waiting for brighter times.
Now a concrete step has reportedly been taken, with the appointment of the advisor who should lead the group along the path that might end in early 2024. The name of the advisor has not been disclosed, but there is talk of a US investment bank with a presence in Europe. The next step will be to identify the global coordinator banks, as well as the legal advisors.
As a reminder, Permira had acquired control of Golden Goose from Carlyle in 2017 on the assumption of a valuation of 1.28 billion (see here a previous article by BeBeez). In more detail, Permira acquired 83% of the company while Carlyle retained a minority stake, with management in turn reinvesting 8%. Also holding a minority stake is DVR Capital, the private equity operator founded by Carlo Daveri, who had previously been a partner in Golden Goose alongside Ergon Capital in 2015.
Today’s Golden Goose, however, is very different from its 2017 counterpart, hence the reason why Permira would be considering a valuation that is practically double. Not only because the group has grown organically since then, but above all because last October 2022 it acquired its main supplier, the Lecce-based Italian Fashion Team – IFT, from ceo Michele Zonno and his family (see here a previous article by BeBeez). IFT ended FY 2022 with a turnover of EUR 51 million, an ebitda of EUR 7.7 million and net liquidity of EUR 31.4 million (see the Leanus report here, once registered for free).
The value set by Permira for the Venice-based company led by ceo Silvio Campara and chaired by Maureen Chiquet, former global ceo of Chanel from 2003 to 2016, is based on figures that have doubled since pre-Covid times, with 2022 revenues of €501 million (+30% from 2021 and +80% from 2020) and an adjusted ebitda of €131 million, as reported in the FitchRatings press release of 1 June, in which the rating agency reported that it had raised Golden Goose’s corporate rating to B+ (aligning it with the rating assigned to the senior secured bond of 480 million), emphasising precisely the fact that the 2022 ebitda is in essence almost double that of 2020 (see the press release here). The first half of 2023 also went very well. A few days ago, the group reported that the Veneto-based brand recorded net revenues of EUR 276.4 million, up 21% compared to the same period in 2022, and 65% compared to 2021.
