Editor’s Note
The Italian luxury sector is ending the year with significant financial shifts, as two major brands undergo key ownership changes. This article details the new controlling and minority stakes in Golden Goose and Etro, highlighting the continued international investment interest in high-end fashion.
Milan — The year concludes with two major financial operations for the transalpine luxury sector: the shareholder restructurings of Etro and Golden Goose.
Golden Goose has come under the control of the Chinese group HSG, an international private equity firm, which now holds a majority stake. Concurrently, Temasek, the Singaporean investment giant, along with a fund managed by its subsidiary True Light Capital, have taken a minority stake.
Meanwhile, Etro sees a consortium of industrial investors acquiring the minority stake previously held by the founding family. This group includes the Turkish company Rams Global, Mathias Facchini (Swinger International), and banker Giulio Gallazzi via Sri Group, all in agreement with L Catterton. The latter remains the majority shareholder and reaffirms its support for the long-term growth strategy of the Milanese house.
Announced last week, these developments raise crucial issues for the Made in Italy label. The sector has been under increased scrutiny for several months, marked by labor exploitation scandals. Furthermore, Italian fashion industry representatives are increasingly calling for better protection of the sector in the face of the rise of fast fashion.
Conversely, the gradual sale of national flagships to foreign entities raises concerns. Year after year, the list of Italian houses that have come under European or Asian ownership grows longer, as does the number of founding families that ultimately withdraw completely from the businesses bearing their own name.
The story of Etro began in 1968, driven by Gerolamo ‘Gimmo’ Etro. Originally a simple producer of luxury fabrics, the Milanese entrepreneur made a decisive stylistic turn in 1981: the introduction of the Paisley motif. This teardrop-shaped design of Mesopotamian origin instantly became the brand’s visual identity.
During the 80s and 90s, the company diversified: leather goods, interior decoration, perfumes, and finally ready-to-wear, under the guidance of the founder’s four children: Kean, Veronica, Jacopo, and Ippolito.
Long a purely family-owned structure, Etro had to open up to external capital in 2021 to face globalization and succession challenges. The L Catterton fund (linked to the LVMH group and the Arnault family) then acquired the majority of the capital.
The Etro family had retained 32.8% of the shares until now via the holding company Gefin. With this new transaction, they are definitively withdrawing from the shareholding. Rothschild & Co led the operation as the exclusive financial advisor.
Founded in Venice in 2000 by Alessandro Gallo and Francesca Rinaldo, Golden Goose Deluxe Brand successfully bet on merging traditional craftsmanship and a “distressed” aesthetic, transforming the sports sneaker into a cult object.
The brand’s financial journey has been meteoric. Acquired by the Italian fund DGPA in 2013, then by the Belgian Ergon Capital in 2015. In 2017, Carlyle Group took control for 400 million euros, before selling it in 2020 to Permira for a record amount of 1.28 billion euros.
After an aborted initial public offering (IPO) project in June 2024 on Euronext Milan due to market volatility, the group ultimately opted for a private sale.
On December 19, Golden Goose Group S.p.A. formalized the arrival of HSG as the majority shareholder, supported by Temasek as a minority shareholder. Although the financial terms remain confidential, the market values the transaction at approximately 2.5 billion euros. The operation is expected to be finalized by summer 2026.
On the management side, continuity is assured: Silvio Campara retains his position as Chief Executive Officer. As for Marco Bizzarri (ex-Gucci), he is promoted and becomes non-executive Chairman of the Board of Directors.