Chinese Giant HSG Buys Golden Goose in Strategic €2.5 Billion Takeover
Milan, Sunday, 21 December 2025.
In a defining moment for the global luxury market, Chinese investment heavyweight HSG has acquired a controlling stake in Golden Goose, valuing the Italian sneaker maker at over €2.5 billion. Confirmed on December 19, 2025, this deal marks a decisive pivot for the brand—famous for its $500 distressed footwear—shifting its trajectory from a previously cancelled IPO to aggressive international expansion. With Temasek joining as a minority investor and Permira retaining a stake, the acquisition exemplifies a growing economic trend: the acceleration of Asian capital absorbing European heritage assets to drive global scale.
New Ownership Structure and Valuation
Under the terms of the agreement announced on December 19, 2025, HSG—formerly known as Sequoia Capital China—will assume the majority shareholder position in Golden Goose [1][6]. While the exact financial terms remain undisclosed in the official press release, market sources value the transaction at approximately €2.5 billion ($2.9 billion) [1][3]. HSG is not acting alone; the firm is joined by Singapore-based investment company Temasek and its subsidiary True Light Capital, both of whom will hold minority stakes [2]. Permira, which acquired the brand in 2020, will retain a minority investment alongside the Blackstone-backed Carlyle Group, ensuring a degree of continuity in the ownership structure [3][4].
Strategic Shift from Public Markets
This private equity transaction replaces the company’s previous ambitions for a public listing. Golden Goose had planned an Initial Public Offering (IPO) in June 2024, which was ultimately canceled due to volatility in European markets [3]. The entry of HSG provides a different route for liquidity and growth, with the transaction expected to close by the summer of 2026, subject to customary regulatory approvals [2][5]. As part of the financial restructuring accompanying this acquisition, Golden Goose expects to fully redeem its €480 million Senior Secured Floating Rate Notes due 2031 [2].
Financial Performance and Valuation Growth
The valuation of €2.5 billion represents a significant appreciation of the asset under Permira’s stewardship. Permira originally acquired the brand from Carlyle in 2020 for €1.28 billion, suggesting the company’s value has increased by nearly 95.313% over the five-year holding period [3][4]. This valuation growth is underpinned by robust revenue expansion; sales climbed from €266 million in 2020 to €655 million in 2024 [3]. The momentum has continued into the current fiscal year, with the company reporting revenues of €517.1 million for the first nine months of 2025, a 13% increase year-over-year [3].
Leadership and Future Outlook
Despite the change in control, the current management team will remain largely intact to ensure operational stability. Silvio Campara, who has served as CEO since 2018 and has been with the company for over a decade, will continue to lead the business [4][5]. To bolster the board’s expertise, Marco Bizzarri, a veteran luxury executive, is set to join as the Non-Executive Chairman [3][5]. The partnership with HSG and Temasek is explicitly aimed at accelerating international expansion, leveraging HSG’s management of over $55 billion in assets and Temasek’s $324 billion portfolio to penetrate key Asian and global markets [3][4].