Golden Goose, the Italian maker of $500 distressed sneakers, is getting a Chinese language proprietor.
HSG, previously often known as Sequoia Capital China, clinched an settlement to purchase the corporate from non-public fairness agency Permira, in a deal stated to worth the corporate at barely over €2.5 billion ($2.9 billion), in keeping with individuals accustomed to the matter.
Singapore-based funding agency Temasek will take a minority stake in Golden Goose, and Permira will even keep a minority shareholding, in keeping with a press release Friday. Companies didn’t present a transaction worth, nor shareholding particulars within the assertion.
For Permira, the sale offers a partial exit after the London-based agency halted a deliberate Milan itemizing of Golden Goose in 2024, in a deal that just about doubles the worth of the corporate since Permira acquired the model in 2020 for €1.3 billion.
Golden Goose chief govt officer Silvio Campara stated in an interview {that a} itemizing stays the “pure vacation spot” for the corporate. “This transaction recognises the worth we’ve constructed over time — a enterprise that has scaled to above €650 million in revenues and is rising at a robust double-digit tempo this yr.”
The deal is without doubt one of the most distinguished purchases of a European luxurious model by a Chinese language purchaser, and one of many largest within the sector this yr, forward of Prada SpA’s roughly €1.25 billion acquisition of trend home Versace.
The transaction additionally exhibits buyers proceed to be enthusiastic about European manufacturers regardless of difficult instances for the posh business. In July, Temasek doubled its stake in Italian trend home Ermenegildo Zegna to 10 %.
Golden Goose, based close to Venice, has continued rising amid a worldwide slowdown within the luxurious enterprise. Income rose 13 % in 2024 to about €655 million. Golden Goose operates greater than 200 shops within the Americas, Europe, the Center East and Asia Pacific.
Golden Goose will proceed to be led by Campara, whereas Marco Bizzarri, the previous Gucci chief who’s presently on the Golden Goose board, will grow to be non-executive chairman.
HSG invests globally throughout know-how, well being care and shopper sectors, and has been constructing a European presence, together with opening a London workplace, because it targets later-stage and buyout offers.
By Daniele Lepido and Flavia Rotondi
Be taught extra:
HSG Closes In on Deal to Purchase Sneaker Maker Golden Goose
The transaction would worth the Italian firm at greater than $2.9 billion, Bloomberg reported.
