December 5, 2025 – According to Italian media reports, Sequoia Capital China is set to finalize its acquisition of footwear brand Golden Goose before Christmas.
The deal is valued at €2.5 billion (approximately $2.91 billion), representing a multiple of 10x Golden Goose SpA’s projected EBITDA.
In 2024, the group reported a 13% revenue increase to €645.6 million, with adjusted EBITDA rising 14% to €227.3 million. For the first three quarters of 2025, revenue grew 13% to €517.1 million, while adjusted EBITDA increased 7% to €173.6 million.
Golden Goose SpA had initially planned a Milan IPO but shelved the listing due to a downturn in the luxury sector and potential tariff concerns.
In October, Sequoia China reportedly submitted a €2.5 billion offer for the acquisition.
This follows Sequoia China’s previous investments in AMI Paris and WE11DONE—both youth-oriented luxury brands, similar to Golden Goose. One is French, the other Korean, with their primary markets in Japan, South Korea, and China.
Late last month, HUMAN MADE, a streetwear group founded by NIGO, successfully listed in Tokyo.
However, the luxury sector has faced a downturn since 2021, particularly affecting streetwear and youth-focused brands like Gucci, Balenciaga, and Supreme. These brands struggle as their younger consumer base faces financial instability and weaker crisis resilience.
Another challenge for streetwear brands is their limited scalability and cyclical nature.
It remains unclear why Sequoia China continues targeting fashion investments, especially after its portfolio company, Canadian luxury e-commerce platform SSENSE, filed for bankruptcy.
Sequoia China’s fashion investments are reportedly led by Angelica Cheung, former Editor-in-Chief of Vogue China, who joined the firm in early 2021 during the luxury industry’s peak. She is said to have spearheaded the three confirmed fashion deals.
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