Blue Pool, a Hong Kong-based funding agency backed by Alibaba co-founder Joe Tsai, has purchased a 12 p.c stake in Italian luxurious sneaker maker Golden Goose, the Venice-based model stated on Tuesday.
The funding comes after the maker of $600 a pair sneakers abruptly pulled plans for a inventory market itemizing final yr.
“Blue Pool’s deep experience within the sports activities, leisure and shopper industries, coupled with its deep data of the Asia Pacific market, will assist the group additional broaden its attain,” Golden Goose stated in a press release.
No monetary particulars have been disclosed.
Blue Pool manages the property of Tsai, who chair the Chinese language on-line retailer and co-founded it with Jack Ma, in addition to these of a bunch of households.
Oliver Weisberg, CEO of Blue Pool Capital, will be a part of Golden Goose’s board.
Non-public fairness agency Permira will retain a majority stake within the firm, the corporate stated.
In June Golden Goose unexpectedly halted a proposed preliminary public providing on the Milan bourse, citing market volatility brought on by political uncertainty in Europe.
In November Golden Goose’s CEO Silvio Campara stated the corporate was nonetheless dedicated to an IPO however would watch for the proper market circumstances to restart the method.
Golden Goose stated that the transaction with Blue Pool was negotiated and agreed shortly after final yr’s determination to postpone the IPO and was accomplished on Tuesday.
By Elisa Anzolin and Cristina Carlevaro; Modifying by Gianluca Semeraro and Valentina Za
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After reaching €500 million in annual gross sales, Golden Goose is rolling out partnerships with creators together with Suki Waterhouse and Brian Woo within the lead as much as opening a cultural centre in Venice subsequent yr. The corporate joins gamers like Louis Vuitton and Moncler in placing tradition, not simply trend, on the coronary heart of its model in a bid to widen its enchantment.
