Editor’s Note
Kidswant, a major player in China’s maternal and child retail sector, is pursuing a dual listing. Having debuted on the Shenzhen ChiNext board in 2021, the company has now applied for a Hong Kong listing. This move highlights its expansion ambitions and the growing investor interest in this consumer segment.
After listing on the A-share ChiNext board in 2021, Kidswant, a leading maternal and child retail company, submitted a listing application to the Hong Kong Stock Exchange this month. If successful, it will achieve a dual listing in both A-share and H-share markets.
Founded in 2009, Kidswant has experienced rapid growth in recent years. According to its prospectus, as of September 30, 2025, it operates 1,143 parent-child family stores, with the GMV of its maternal and child business reaching RMB 13.8 billion in 2024.
Kidswant’s founder, Wang Jianguo, is a serial entrepreneur. His career began at the Jiangsu Provincial Department of Commerce. He founded Five Star Appliance in 1998 and then turned his attention to the then blue ocean market—maternal and child products—in 2009. Beyond his industrial ventures, he also co-founded the well-known investment institution Yunfeng Capital.
After the growth of the maternal and child sector slowed, Wang Jianguo proposed a strategy to “expand product categories, expand business tracks, and expand business formats.” In 2023, the company spent approximately RMB 1.6 billion to acquire full control of Leyou International. In 2025, it brought Siyu Group under its wing for RMB 1.65 billion. Consequently, Kidswant’s portfolio of proprietary brands has increased to 15 maternal and child brands, and it also owns the hair care brand Siyu, which operates 2,567 stores.
Regarding the secondary attempt for a Hong Kong IPO, Kidswant stated that it is primarily to further advance the company’s internationalization strategy and overseas business layout, aiming to build an internationally influential parent-child family service brand. Currently, the company’s total market capitalization is approximately RMB 13.1 billion.
While the luxury industry generally faces a downturn, investor interest in high-quality brands remains strong.
Recently, Sequoia China announced the acquisition of a controlling stake in the Italian “Golden Goose” group. Temasek and its subsidiary, Pavilion Capital’s fund, participated as minority investors, while the original shareholder, Permira, will retain a minority stake.
Founded in 2000, Golden Goose is renowned for its distressed style, with an average price of around $500, making it one of the representative brands in the luxury sneaker segment. In 2020, private equity firm Permira acquired a majority stake in Golden Goose for approximately €1.3 billion, and an IPO was soon rumored, but the plan was ultimately shelved.
In the 2024 fiscal year, Golden Goose’s revenue reached €655 million, a year-on-year increase of 13%. In terms of profit, the adjusted EBITDA for the 2024 fiscal year was €227 million, and for the first nine months of the 2025 fiscal year, it was €173.6 million, with the profit margin remaining high at 33.6%. Currently, the brand’s global directly operated stores have increased from 97 in 2019 to 227 in 2025.
Following this transaction, Silvio Campara, the CEO credited with reviving Golden Goose, will continue in his role. Despite halting the plan to list in Milan last year, he stated in a media interview that an IPO remains the company’s “natural destination.”
According to media reports, this transaction values Golden Goose at over €2.5 billion, making it one of the most notable acquisitions of 2025. Sequoia China has been frequently investing in the consumer sector in recent years; earlier this year, it acquired a majority stake in the audio brand Marshall for approximately €1.1 billion.
Following its debut in Venice last year, the Italian high-end jewelry brand Buccellati brought the “Master of Time – Buccellati Heritage Exhibition” to Shanghai, showcasing 250 treasures, including 150 pieces of jewelry and 100 silverware items. The exhibition will run until January 5, 2026.
The exhibition begins in the “Generational Heritage” hall, where four exquisite butterfly brooches, designed respectively by four generations of the Buccellati family—Mario, Gianmaria, Andrea, and Lucrezia Buccellati—interpret the stylistic evolution across generations. Moving forward, visitors enter the warm “Family Legend Rooted in Italy” themed space, which connects a long heritage of family stories through historical photos, family memorabilia, and correspondence. The second “Realm of Craftsmanship” hall explores the sources of artistic inspiration through three themed spaces.
As the journey continues, visitors step into the “Natural Wonder” hall, encountering the magnificence and mystery of nature. The silverware in the two themed spaces, “Traces in the Green” and “Secrets of the Deep Sea,” vividly recreates the灵动姿态 of forest and underwater creatures, celebrating the abundant vitality of the natural world. As the finale of the exhibition, the “Heritage Gallery” hall displays the brand’s antique collections and modern high-end jewelry masterpieces from the 1920s to the present.
In 2019, Cartier’s parent company, the Swiss luxury giant Richemont Group, completed the acquisition of Buccellati, making it an important part of its jewelry business. With the support of Richemont, Buccellati’s revenue has grown several times compared to the pre-acquisition figure of €50 million, recording double-digit growth in the 2024 fiscal year.
On December 23, Chow Tai Fook’s new image store opened on the second floor of Shanghai Grand Gateway 66, marking a key step in the brand’s transformation journey.
The store space is adorned with black walnut wood, complemented by soft champagne gold details. The brand’s iconic red is cleverly integrated into the lines and curved display cabinets. The overall space is bright and通透, and includes a VIP area.
It is worth noting that this image store brings together many debut works and exclusive treasures to meet consumers’ diverse consumption needs. The new necklace and pendant from Chow Tai Fook’s Chuanxi series延续 the modern lock shape承载 joy and blessings, combined with pink diamond elements, adding灵动 and playfulness. Another new work is presented in the form of an earphone case,融合 the Chinese character “喜” (joy) and peanut patterns,寓意 “good things happen.” The key switch design symbolizes instantly开启 joyful moments and守护美好时光. The Heritage series and the “Four Beauties of Life” series also带来 multiple gold debut works.
Since initiating its brand transformation in 2024, from the opening of the new image store in Central, Hong Kong, to the launch of the Shanghai 550 new image store, and now anchoring itself in Shanghai’s core luxury landmark, Chow Tai Fook is continuously革新 its brand image and retail experience, with store matrix construction as its core focus.
