Golden Goose Secures Deal with China’s HSG, Majority Ownership Transferred

Golden Goose closes its sale and passes into Chinese hands. Private equity funds Permire and The Carlyle Group have reached an agreement for the sale of a majority stake in the Italian brand to HSG (a fund called HongShan in China, formerly Sequoia Capital China) and Tamasek. The deal values Golden Goose at about $2.5 billion.

As reported in a statement by Permira, the private equity fund that until now controlled 80% of Golden Goose, the transaction seeks to accelerate the group’s international expansion “while preserving its roots in Italian craftsmanship”. Silvio Campara will continue as CEO of the group, while Marco Bizzarri, former CEO of Gucci, will replace Mareen Chiquet as non-executive chairman of Golden Goose.

HSG, which in 2018 floated PopMart, creator of the famous Labubu, manages a $55 billion fund aimed at investing in corporate equity and liquidity. Its investees include Amer Sports, Ami Paris, Alibaba and Shien.

Tamasek, for its part, is a Singapore-based sovereign fund manager, which holds stakes in companies such as Adyen, Alibaba, Amazon, Tencent or Mastercard. In July, the Singaporean investment vehicle took a 10% stake in Ermenegildo Zegna.

Singapore’s sovereign wealth fund Tamasek has taken a minority stake in Golden Goose

According to British Permira, HSG has taken a majority stake in Golden Goose, while Tamasek has taken a minority stake through the True Light Capital fund. Both Permira and other former Golden Goose shareholders, such as the U.S. fund Carlyle, will also hold minority stakes in the Italian footwear company.

The buyout gives Golden Goose a value ten times its expected year-end core earnings, including debt. In addition, the purchase would be positioned as the most important luxury acquisition of the year, doubling the value of the sale of Versace to Prada, a transaction worth €1.25 billion .

Permira noted that Golden Goose achieved a turnover of €655 million in 2024. Since 2020, when Permira entered equity the Italian company “has accelerated its direct-to-consumer channels” and invested in “co-creation experiences, deepening connections with its customers around the world.“

In the first nine months of the year, the group experienced double-digit growth: sales were up 13% year-on-year, thanks to a 21% rise in direct-to-consumer sales and the growth of the sales network. Golden Goose currently has 227 stores, up from 97 in 2019.