Editor’s Note
The Italian luxury brand Golden Goose has been acquired by a consortium comprising Chinese group HSG and Singapore’s sovereign wealth fund Temasek in a €2.5 billion deal. While Permira retains a stake, the move signals a significant shift in ownership toward Asian investors, raising questions about the brand’s future strategic direction and the shelving of its IPO plans.
Golden Goose is being sold to the Chinese group HSG and the sovereign wealth fund Temasek for €2.5 billion. Permira remains a shareholder, Campara is CEO, and Bizzarri is Chairman of the Board. Is the IPO definitively closed? The golden goose of Italian luxury is flying East.
Golden Goose is coming under the control of the Chinese fund HSG, formerly known as HongShan Capital, supported by Singapore’s sovereign fund Temasek and True Light Capital. According to financial sources, the operation values the group at approximately €2.5 billion and marks a new chapter for the Venetian brand of “imperfect” sneakers, following the postponement of its listing on the Piazza Affari in 2024. This is the largest luxury M&A transaction of 2025.
The fund is indeed maintaining a minority shareholding. “We remain convinced of the growth potential of the Venetian brand.” Other financial partners have, however, withdrawn, and the financial details of the transaction have not been disclosed.
The numbers explain the price. From 2020 to 2024, Golden Goose more than doubled its revenue, increasing from €266 million to €655 million. In the first nine months of 2025, it reached €517.1 million, up 13%, with an adjusted EBITDA of €173.6 million. The enterprise value accounted for equates to approximately ten times the expected gross operating margin for the current fiscal year, estimated at around €250 million.
The direct-to-consumer sales channel revenue grew by 21%, and the direct sales network now comprises 227 boutiques, compared to 97 in 2019. This expansion, combined with a strong customer focus and the building of a global community, has transformed Golden Goose into an essential brand, positioned “at the crossroads of luxury, lifestyle, and sportswear.”
Management continuity is one of the pillars of the agreement. Silvio Campara will continue to lead the group as CEO, supported by the current management team. Within the board of directors, the chairmanship changes instead: Marco Bizzarri, already a non-executive director, will become non-executive chairman.
HSG aims to replicate what has already been done with other international brands (like Moncler), accelerating development in Asia, particularly in China, while preserving the brand’s Italian roots.
The sale comes one year after the freeze on the Milan listing, blocked by market volatility. But the stock market option is not abandoned: this time, the horizon could be international. However, the transaction must first be finalized by summer 2026, subject to the usual regulatory approvals. Once the operation is concluded, Golden Goose plans the full repayment of first-lien floating-rate notes maturing in 2031, for a total amount of €480 million, including accrued and unpaid interest.
