Golden Goose sneakers sold by Permira to Chinese firm HSG

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 acquire the company from private equity firm Permira. The firms didn’t provide a transaction value, but Bloomberg News has previously reported that the deal would be worth more than 2.5 billion euros ($2.9 billion). 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. Failed IPO For Permira, the sale provides a partial exit after the London-based firm halted a planned Milan listing of Golden Goose in 2024, amid declining equity markets in Europe. Permira acquired the brand in 2020 for 1.3 billion euros. 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’s roughly 1.25 billion euros 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%. Golden Goose, founded near Venice, has continued growing amid a global slowdown in the luxury business. Revenue rose 13% in 2024 to about 655 million euros. Golden Goose operates more than 200 stores in the Americas, Europe, the Middle East and Asia-Pacific. Leadership continuity Golden Goose will continue to be led by Silvio Campara, while Marco Bizzarri, the former Gucci chief who is currently on the Golden Goose board, will become non-executive chairman. At the start of this year, Hong Kong-based Blue Pool Capital, an investment firm started by Joe Tsai, the Alibaba Group Holding chairman and co-founder, took a 12% stake in Golden Goose with an aim to help “further expand” the brand’s reach. 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 Flavia Rotondi and Daniele Lepido

Sectors

Insights

Company

Golden Goose sneakers sold by Permira to Chinese firm HSG