Golden Goose Soars to the East Under Chinese Fund HSG's Control

Italian luxury brand Golden Goose, known for its high-end sneakers, is set to take flight towards the East. The brand is now under the control of Chinese fund HSG, also known as HongShan Capital, alongside Singapore's sovereign wealth fund Temasek and True Light Capital. Financial sources estimate the deal values the group at around €2.5 billion, marking a new chapter for the Venetian sneaker brand after its initial public offering (IPO) was postponed in 2024. This is the largest M&A operation in the luxury sector of 2025.

Permira's Partial Realization

This change in ownership allows Permira to only partially realize its investment. The fund retains a minority stake, maintaining its belief in the growth trajectory of the Venetian brand. Other financial partners are exiting, while further economic details of the transaction have not been disclosed.

Golden Goose's Financial Ascent

Golden Goose has more than doubled its revenues from 2020 to 2024, increasing from €266 million to €655 million. In the first nine months of 2025, revenue reached €517.1 million, a 13% increase, with adjusted EBITDA of €173.6 million. The enterprise value is approximately ten times the expected gross operating margin for the current year, estimated at around €250 million.

Here's a look at Golden Goose's revenue growth over the years:

Direct-to-Consumer Model and Retail Expansion

The direct-to-consumer channel has grown by 21%, and the direct retail network now includes 227 stores, compared to 97 in 2019. This expansion is accompanied by a strong focus on customer experience and building a global community, positioning Golden Goose at the intersection of luxury, lifestyle, and sportswear.

Leadership Continuity

Managerial continuity is a cornerstone of the agreement. Silvio Campara will continue to lead the group as CEO, supported by the current leadership team. Marco Bizzarri, previously a non-executive director, will become the non-executive chairman.

Comments from the CEO

"We are excited to welcome HSG and Temasek as strategic partners of Golden Goose to further strengthen our global growth ambitions as an international luxury brand," commented Campara. "Their investment confirms the success of our model, positioned at the intersection of luxury, lifestyle, and sportswear, and loved by a growing global community of Dreamers. Thanks to their experience in scaling international leaders in the luxury sector and in business in general, HSG and Temasek will help us seize new opportunities."

HSG's Vision for Golden Goose

HSG aims to replicate its success with other international brands, such as Moncler, by accelerating development in Asia, particularly in China, while preserving the brand's Italian roots. Jiajia Zou, partner at HSG, explained, "Golden Goose represents love, empathy, authenticity, and a powerful sense of community. We are honored to partner with Temasek and Permira to support the brand in its next chapter of growth, preserving what makes Golden Goose so authentically Italian."

Financial Details and Future Plans

The sale comes a year after the freezing of the IPO in Milan, due to market volatility. However, the possibility of a stock market listing has not been ruled out, with an international horizon now being considered. The closing is expected by the summer of 2026, subject to customary regulatory approvals. Upon completion of the transaction, Golden Goose plans to fully redeem its Senior Secured Floating Rate Notes due in 2031, totaling €480 million, including accrued and unpaid interest.

Key Financial Metrics for Golden Goose

Here's a summary of Golden Goose's key financial metrics:

Retail Network Growth

The expansion of Golden Goose's retail presence is a testament to its growing popularity. The number of direct retail stores has seen significant growth.

Leadership Transition Details

The leadership structure is set to evolve with key figures continuing to steer the company.

Transaction Timeline

The expected timeline for the completion of the acquisition is detailed below:

HSG's Prior Successes

HSG has a track record of successful investments in luxury brands, indicating a strong understanding of the market.