Golden Goose Acquired by Sequoia China in $2.9 Billion Deal

Italian luxury sneaker brand Golden Goose has changed hands to a Chinese buyer, showcasing continued investor interest in European brands despite a broader slowdown in the luxury sector.

On December 19, sources familiar with the matter revealed that private equity firm Permira has reached an agreement to sell Golden Goose to HSG (Sequoia China, formerly Sequoia Capital China). The deal values the company at slightly over €2.5 billion (approximately $2.9 billion). Singapore's Temasek will retain a minority stake, while Permira will also maintain partial ownership.

According to a statement released on Friday, Golden Goose will continue to be led by CEO Silvio Campara. Marco Bizzarri, former Gucci CEO and current Golden Goose board member, will assume the role of non-executive chairman.

The transaction nearly doubles Golden Goose's valuation compared to Permira's €1.3 billion acquisition in 2020. This marks one of the most significant acquisitions of a European luxury brand by a Chinese buyer and ranks among the largest deals in the sector this year, surpassing Prada's €1.25 billion purchase of Versace.

Permira Secures Strong Returns

For London-based Permira, the sale provides a partial exit opportunity. The firm halted Golden Goose's planned Milan IPO in 2024, opting instead for a direct sale that delivered nearly twice its initial investment.

Golden Goose CEO Silvio Campara stated in an interview that an IPO remains the company's "natural destination." He emphasized: "This transaction recognizes the value we've created over time, with revenues exceeding €650 million and strong double-digit growth this year."

The Venice-based brand, famous for its $500 distressed sneakers, has maintained growth momentum amid a global luxury slowdown. In 2024, Golden Goose reported a 13% revenue increase to approximately €655 million, operating over 200 stores across the Americas, Europe, the Middle East, and Asia-Pacific.

The deal demonstrates sustained investor appetite for European brands despite industry challenges. Earlier in July, Temasek doubled its stake in Italian fashion house Ermenegildo Zegna to 10%. Meanwhile, Sequoia China is expanding its European footprint, including establishing a London office focused on late-stage and acquisition deals.