Golden Goose, the Italian maker of $500 distressed sneakers, is getting a Chinese owner.
HSG, formerly known as Sequoia Capital China, clinched an agreement to buy the company from private equity firm Permira, in a deal said to value the company at slightly over €2.5 billion ($2.9 billion), according to people familiar with the matter.
Singapore-based investment firm Temasek will take a minority stake in Golden Goose, and Permira will also maintain a minority shareholding, according to a statement Friday. Firms didn’t provide a transaction value, nor shareholding details in the statement.
For Permira, the sale provides a partial exit after the London-based firm halted a planned Milan listing of Golden Goose in 2024, in a deal that almost doubles the value of the company since Permira acquired the brand in 2020 for €1.3 billion.
Golden Goose chief executive officer Silvio Campara said in an interview that a listing remains the “natural destination” for the company. “This transaction recognises the value we’ve built over time — a business that has scaled to above €650 million in revenues and is growing at a strong double-digit pace this year.”
The deal is one of the most prominent purchases of a European luxury brand by a Chinese buyer, and one of the biggest in the sector this year, ahead of Prada SpA’s roughly €1.25 billion acquisition of fashion house Versace.
The transaction also shows investors continue to be interested in European brands despite challenging times for the luxury industry. In July, Temasek doubled its stake in Italian fashion house Ermenegildo Zegna to 10 percent.
Golden Goose, founded near Venice, has continued growing amid a global slowdown in the luxury business. Revenue rose 13 percent in 2024 to about €655 million. Golden Goose operates more than 200 stores in the Americas, Europe, the Middle East and Asia Pacific.
Golden Goose will continue to be led by Campara, while Marco Bizzarri, the former Gucci chief who is currently on the Golden Goose board, will become non-executive chairman.
HSG invests globally across technology, health care and consumer sectors, and has been building a European presence, including opening a London office, as it targets later-stage and buyout deals.
By Daniele Lepido and Flavia Rotondi
Learn more:
HSG Closes In on Deal to Buy Sneaker Maker Golden Goose
The transaction would value the Italian company at more than $2.9 billion, Bloomberg reported.