Full Breakdown
HSG Acquires Majority Stake in Golden Goose, Signaling Strong Interest in Luxury Brands
12/20/2025, 11:45:26 PM
Major Acquisition Details
On December 19, 2025, HSG, formerly known as Sequoia Capital China, announced its acquisition of a majority stake in the Italian luxury sneaker brand Golden Goose from the private equity firm Permira. The deal values Golden Goose at approximately €2.5 billion ($2.9 billion), marking one of the largest purchases of a European luxury brand by a Chinese firm. Singapore-based investment firm Temasek, along with its subsidiary True Light Capital, will also acquire a minority stake in the company. Permira, which originally purchased Golden Goose in 2020 for €1.3 billion, will retain a minority share alongside other existing shareholders, including Carlyle.
Company Performance and Growth
Golden Goose has demonstrated significant growth, with revenues increasing from €266 million in 2020 to €655 million in 2024, reflecting a 13% rise year-over-year. The brand has successfully expanded its direct-to-consumer channels and increased its store count from 97 in 2019 to 227 currently. CEO Silvio Campara, who has led the company since 2018, emphasized the brand's commitment to preserving its Italian roots while pursuing international expansion.
Strategic Intentions of New Investors
HSG and Temasek aim to leverage their extensive experience in scaling luxury and consumer technology brands to support Golden Goose's growth ambitions. Jiajia Zou, a partner at HSG, expressed enthusiasm about partnering with Golden Goose, highlighting the brand's values of love, empathy, and authenticity. The investment is seen as a vote of confidence in Golden Goose's business model, which blends luxury, lifestyle, and sportswear.
Official Statements & Responses
Silvio Campara stated, “We are grateful to Permira for being integral partners to our successful journey so far and are delighted they will remain valued partners alongside HSG and Temasek.” He also noted the importance of the new investors in accelerating Golden Goose's global expansion. Permira partners Francesco Pascalizi and Tara Alhadeff remarked that Golden Goose has defined the next-generation luxury brand landscape and has built a robust community of loyal customers.
Criticism & Opposition
While the acquisition is largely viewed positively, some industry observers express concerns about the implications of foreign ownership on brand identity and heritage. The luxury market has faced challenges, and there are questions regarding how well Golden Goose can maintain its unique Italian craftsmanship under new ownership.
What's Next
The transaction is expected to finalize in the third quarter of 2026, with plans for a potential public listing of Golden Goose that was previously halted due to market conditions. The new ownership structure aims to enhance the brand's international presence while continuing to foster its community-oriented approach.
Verbatim Quotes
- “Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape.” — Jiajia Zou, Partner at HSG
- “We feel deeply privileged to partner with Temasek and Permira, together with Silvio and his talented team to support the brand as it enters its next exciting chapter of growth — especially internationally — while preserving and celebrating what makes Golden Goose so uniquely Italian,” — Jiajia Zou, Partner at HSG
- “In addition, Francesco Pascalizi and Tara Alhadeff, partners at Permira, commented: “Golden Goose has led the way in defining what it is to be a next-gen luxury brand for two decades now.” — Francesco Pascalizi, Partner at Permira
- “Against a challenging backdrop for the luxury industry in 2024 and 2025, Silvio and his talented team have continued to deliver strong performance and healthy growth, proving that Golden Goose is a brand that can stand the test of time.” — Tara Alhadeff, Partner at Permira
