Italian luxury sneaker maker Golden Goose reported that the Chinese private equity firm HSG, formerly Sequoia Capital China, has become a majority shareholder after buying a stake from current owner Permira.
Financial terms were not disclosed.
Singapore’s investment firm Temasek, with its subsidiary True Light, has also acquired a minority stake. The agreement gives Golden Goose a valuation of roughly €2.5 billion ($3 billion) including debt, according to sources.
Permira, which acquired Golden Goose in 2020 for €1.28 billion, will retain a minority stake alongside other shareholders, including Carlyle, the company stated.
Silvio Campara will continue to lead the brand as chief executive. Former Gucci CEO Marco Bizzarri, a current board member, will become non-executive chairman.
The sale concludes a process Permira launched in 2024, after the British-owned private equity firm tried to list Golden Goose on the Milan stock market but was forced to pull the initial public offering due to market conditions.
The transaction is subject to customary closing conditions and regulatory approvals and is expected to close in summer 2026. Golden Goose S.p.A. expects its €480.0 million senior secured floating rate notes due 2031 to be redeemed in full.
Campara said, “We are delighted to welcome HSG and Temasek as strategic partners to Golden Goose as we step up our global ambitions as a leading international luxury brand. Their investment is yet another vote of confidence in the success of our model at the intersection of luxury, lifestyle, and sportswear, beloved by a growing, global community of dreamers. With their experience of scaling international leaders across luxury and the broader business spectrum, HSG and Temasek will help us unlock the vast opportunity ahead for Golden Goose. We are grateful to Permira for being integral partners to our successful journey so far and are delighted they will remain valued partners alongside HSG and Temasek.”
Jiajia Zou, partner at HSG, said, “Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape. We feel deeply privileged to partner with Temasek and Permira, together with Silvio and his talented team, to support the brand as it enters its next exciting chapter of growth- especially internationally- while preserving and celebrating what makes Golden Goose so uniquely Italian. We look forward to contributing our global experience, resources, and deep respect for the brand’s heritage, with the shared ambition of bringing the unique joy and spirit of Golden Goose to consumers around the world, for generations to come.”
Francesco Pascalizi and Tara Alhadeff, partners at Permira, stated, “Golden Goose has led the way in defining what it is to be a next-gen luxury brand for two decades now. They have built a unique community of GG-lovers around the world whilst also building a robust and high-performing business. Against a challenging backdrop for the luxury industry in 2024 and 2025, Silvio and his talented team have continued to deliver strong performance and healthy growth, proving that Golden Goose is a brand that can stand the test of time.”
Since 2020, Golden Goose has delivered consistent, profitable growth, with revenues increasing from €266 million in FY 2020 to €655 million in FY 2024. During this period, the group has accelerated its direct-to-consumer (DTC) channels, launched its Forward Store concept, diversified its product assortment, and invested significantly in ‘Co-Creation’ experiences to deepen a global connection with consumers.
Adjusted earnings before interest, tax, depreciation, and amortization in 2024 were €227 million.
In the nine months ending September 2025, Golden Goose reported double-digit growth across regions. Revenues rose 13 percent year-on-year, driven by 21 percent growth in its DTC channel and an expanded store network, which reached 227 directly operated stores, up from 97 in 2019.
Image courtesy Golden Goose
