Golden Goose works on its board, as it waits for the deal with Permira to close

Golden Goose works on its board, as it waits for the deal with Permira to close

Golden Goose (currently owned by the Carlyle fund) announced some changes to its board, before the deal with Permira closes. Meanwhile, the deal for Dr. Martens (which is being done among the same two entities, with inversed roles), could depend on a decision made in Brussels. The EU is to evaluate whether the European PE funds are part of the list of those that can receive some facilitations thanks to which they can receive bank loans guaranteed by the various countries.

Waiting on the closing

Maureen Chiquet, global CEO of Chanel from 2007 to 2016 (in picture from Twitter), will become president of Golden Goose, substituting Patrizio Di Marco, who will remain minority shareholder. Silvio Campara, nominated CEO in 2018 is likely to maintain his position. According to MF Fashion, part of the management will be announced after the deal is closed, likely between May and June.

 The commission’s go ahead

The sale of Italian luxury sneakers’ brand Golden Goose from the US-based Carlyle fund to British fund Permira (for about 1.3 billion euro), should receive the go ahead from the European Commission, in compliance with antitrust regulations.

Brussels has announced to Gazzetta Ufficiale (Italian newspaper) that it has received “notification of an acquisition to acquire sole control of Italy-based Sneakers Maker” (which owns 100% of Golden Goose) by Permira Holdings. Sneakers Maker is owned by Carlyle. Any observation from outside sources must be made before May 15th, 2020. The Commission will decide, after that date, whether to allow or not the sale.

The other operation

In March we said Carlyle was the favorite, in the race to acquire footwear brand Dr. Martens, put up for sale by Permira. There have been no decisive developments during the last two months. Brussels’ decision to allow some PE funds to receive guaranteed loans from the government (as part of the efforts against Covid-19), could prove to be the push that this deal needs. According to Sky News, PE funds in Europe are pressuring the EU to change current regulations on the so-called “distressed companies”.

Without the requested changes, explains Sky News, such entities (that control many companies and indirectly employ thousands of people) would be unable to receive the loans (up to 50 million UK pounds), for which the government would guarantee 80%.

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