Golden Goose, the Italian luxury sneaker maker, acquired its main supplier, the Italian Fashion Team (IFT). Terms were not disclosed.
Founded in 2007 by Michele Zonno as a consulting service business, it moved into a manufacturing company in 2016.
IFT, headquartered in Casarano, Italy, specializes in designing, producing and marketing high-end footwear for Italian luxury brands. IFT preserves the artisan heritage of the Salento footwear district, overseeing all production phases. It employs 250 artisans and manufactured more than 850,000 pairs of sneakers in 2022.
After collaborating for more than seven years, IFT and Golden Goose entered into the announced partnership. The acquisition, pending antitrust authority approval, is expected to be finalized in the last quarter of 2022. Michele Zonno will continue to head IFT.
Zonno said: “We have achieved this important milestone, and we are thrilled to be joining the Golden family at such an exciting time of growth. IFT and Golden Goose have been working together for the last seven years, and this is a natural evolution of our strong, long-lasting relationship. Commitment to Italian excellence and local talent is key for us, and I’m excited to partner with a company that values this just as much as we do.”
Silvio Campara, CEO, Golden Goose, added: “Golden artisanal tradition lies in the warmth of a hand-crafted item. Every one of our products tells a unique story—a story of craftsmanship and Italian excellence that starts with our processes and people. As we continue our journey of growth, we want partners who share our values of care, authenticity and quality to join us.”
Clearwater International advised IFT on its sale to Golden Goose, a portfolio company of Permira.
Golden Goose was founded in 2000. In 2021, it reported annual revenue of €386 million. It is currently in the U.S., Asia, Europe, and the Middle with more than 160 mono-brand stores and an online presence.