Reports say Golden Goose will welcome a new owner: Sequoia China completes acquisition for $2.9 billion.

Italian high-end sneaker brand Golden Goose has changed hands to a Chinese buyer, showing that investors remain interested in European brands even as the luxury industry generally cools.

On December 19th, according to Bloomberg citing sources familiar with the matter, private equity firm Permira has reached an agreement with HSG (Sequoia China, formerly Sequoia Capital China Fund) to sell Golden Goose to the latter.

The report states that the transaction values the company at slightly above 2.5 billion euros (approximately 2.9 billion US dollars). Singaporean investment company Temasek will hold a minority stake in Golden Goose, and Permira will also retain a minority stake.

According to a statement released on Friday, Golden Goose will continue to be led by Campara, and Marco Bizzarri, former CEO of Gucci and now a director of Golden Goose, will serve as non-executive chairman.

This transaction has nearly doubled Golden Goose’s valuation compared with Permira’s acquisition for 1.3 billion euros in 2020.

This is one of the most notable cases of a Chinese buyer acquiring a European luxury brand, and also one of the largest deals in the industry this year, exceeding Prada’s acquisition of Versace for around 1.25 billion euros.

Permira receives handsome returns

For London-based Permira, this sale provides a partial exit opportunity.

The firm canceled Golden Goose’s Milan IPO plan in 2024, opting instead for a direct sale, ultimately achieving nearly double the investment return.

Golden Goose CEO Silvio Campara said in an interview that an IPO is still the company’s "natural destination." He said:

This deal recognizes the value we have created over the years. The company’s revenue has exceeded 650 million euros and is growing at a strong double-digit rate this year.

The brand, famous for its $500 distressed sneakers and based near Venice, has maintained growth momentum despite a slowdown in the global luxury sector.

In 2024, Golden Goose’s revenue grew 13% to approximately 655 million euros. The company operates more than 200 stores across the Americas, Europe, the Middle East, and Asia-Pacific.

This transaction shows that despite challenges in the luxury industry, investors’ interest in European brands remains undiminished.

In July this year, Temasek doubled its stake in Italian fashion brand Ermenegildo Zegna to 10%.

Sequoia China is also expanding its European business footprint, including opening a London office, targeting later-stage and acquisition deals.

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