Chinese Equity Firm HSG Acquires Majority Ownership of Luxury Sneaker Giant Golden Goose
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Golden Goose, an Italian luxury sneaker manufacturer, announced on Friday that HSG, previously known as Sequoia Capital China, has become its main shareholder. The Chinese private equity firm acquired its stake from the current owner, Permira.
Additional Investments
Simultaneously, Temasek, Singapore’s investment firm, along with its subsidiary True Light, has purchased a minor stake in the Venice-based sneaker company. Golden Goose’s sneakers begin retailing at 500 euros a pair.
This agreement values Golden Goose at approximately 2.5 billion euros (US$3 billion), including debt. The announcement did not disclose further financial specifics.
Previous Ownership
Permira, which bought Golden Goose in 2020 for 1.28 billion euros, will maintain a minor stake along with other existing shareholders, including Carlyle.
Silvio Campara will remain the brand’s chief executive, while former Gucci CEO and current board member, Marco Bizzarri, will assume the role of non-executive chairman.
Finalization of The Sale
This sale concludes a process initiated by Permira in 2024. The British-owned private equity firm had attempted to publicly list Golden Goose on the Milan stock market but was compelled to withdraw the initial public offering due to market conditions.
The transaction is anticipated to be finalized in the third quarter of next year. Earlier this year, HSG purchased a majority stake in the Stockholm-based audio equipment group, Marshall.
In 2024, Golden Goose reported a revenue increase of 13% to 655 million euros, along with adjusted earnings before interest, tax, depreciation, and amortisation of 227 million euros.
Questions & Answers
Who is the new majority shareholder of Golden Goose?
Chinese private equity firm HSG, formerly known as Sequoia Capital China, has become the majority shareholder of Golden Goose.
Who are the minor stakeholders in Golden Goose?
Permira, Carlyle, Singapore’s investment firm Temasek, and its subsidiary True Light hold minor stakes in Golden Goose.
Who will lead Golden Goose after the change in ownership?
Silvio Campara will continue as the brand’s chief executive, and Marco Bizzarri will become the non-executive chairman.