Golden Goose and Cavalli. The first is a brand for which the bidding has just started. While for the Tuscan brand it is finally over. VF Corporation and private equity funds Permira and Advent are the three groups that will present, by mid-December, their preliminary offers for Golden Goose. Roberto Cavalli, meanwhile, is officially an Emirati business, no based in Dubai. The brand was purchased by private fund Vision Investments, owned by Hussain Sajwani, president of Dubai Damac.
The First Chapter
Let’s start with Golden Goose. According to Reuters, the Carlyle fund has charged Bank of America Merril Lynch to manage the sale of the brand, and has asked a small group of potential buyers to make an offer by mid-December. The non-binding offers make up the first phase of a bidding contest that will officially start at the beginning of 2020. Carlyle allegedly aims at receiving an offer of 1.2 billion euro, equal to 15 times the brand’s EBITDA of about 80 million euro.
The second
The acquisition of Roberto Cavalli by the Italy-based fund Clessidra (Vision Investments) has closed on November 28th. The value of the operation hasn’t been confirmed, but it is estimated at about 500 million euro for 90% of ownership. The remaining 10%, remains in the hands of the Florentine designer (source: borsamagazine.it). According to IlSole24Ore (Italian newspaper), the Arab company estimates “investments for 3 billion USD during the upcoming years in key Western European markets and in the United States”.
Images from Golden Goose and Cavalli
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