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Golden Goose closes its sale and passes into Chinese hands. Private equity funds Permire and The Carlyle Group have reached an agreement for the sale of a majority stake in the Italian brand to HSG (a fund called HongShan in China, formerly Sequoia Capital China) and Tamasek. The deal values Golden Goose at about $2.5 billion.
The purchase would be positioned as the most important luxury acquisition of the year, doubling the value of the sale of Versace to Prada, a transaction worth €1.25 billion.
Both Permira and other former Golden Goose shareholders, such as the U.S. fund Carlyle, will also hold minority stakes in the Italian footwear company.
The most important luxury acquisition of the year is headed for majority Chinese ownership. Who said the greed and leverage boys have not taught the Chinese anything....
How long before the whole stinking mess offs the golden goose?
