Chinese Firm Bets Big on Golden Goose’s Global Future

Chinese global investment firm HSG has finalized the acquisition of a controlling stake in Italian sneaker label Golden Goose, marking one of the most significant Chinese investments in a European luxury brand to date. The deal concludes months of speculation surrounding a potential sale to a Chinese investor.

Alongside HSG, Temasek, a global investment company, and True Light Capital, a fund managed by Temasek’s wholly-owned asset manager, will take minority stakes. Importantly, US investment fund Permira will maintain its position as a strategic minority shareholder, continuing its existing partnership with Golden Goose.

The financial details of the transaction remain undisclosed. The completion of the deal is contingent upon standard closing conditions and regulatory approvals, with an anticipated closing date within the summer of 2026. Golden Goose anticipates fully redeeming its €480.0 million Senior Secured Floating Rate Notes due 2031 as a result of this investment.

Golden Goose has experienced remarkable growth in recent years, becoming the fastest-growing Italian fashion label over the past half-decade. The company has consistently demonstrated strong and profitable growth since 2020, increasing revenues from €266 million in fiscal year 2020 to €655 million in fiscal year 2024. This growth has been fueled by an expansion of direct-to-consumer (DTC) channels, the launch of the Forward Store concept, product diversification, and significant investment in ‘Co-Creation’ experiences.

The company’s strong financial performance continued through the nine months ending September 2025, with revenues increasing by 13% year-on-year. This growth was driven by a 21% increase in DTC sales and an expanded store network, which now comprises 227 directly operated stores, a significant increase from the 97 stores in 2019.

The investment is seen as a strong strategic and cultural fit, aligning with Golden Goose’s growth ambitions. HSG and Temasek bring extensive experience in investing in international luxury and consumer technology brands – including Moncler and Ermenegildo Zegna (Temasek), and ByteDance, Pop Mart, RedNote, and Marshall (HSG) – and will leverage this expertise to support Golden Goose’s international expansion while preserving its Italian heritage.

Silvio Campara, the current CEO of Golden Goose, will continue to lead the group. Marco Bizzarri, currently a non-executive director, will assume the role of non-executive chairman, bringing his considerable industry experience gained from leadership positions at Gucci, Bottega Veneta, and Kering to accelerate Golden Goose’s global expansion.

“We are delighted to welcome HSG and Temasek as strategic partners to Golden Goose as we step up our global ambitions as a leading international luxury brand,” stated Campara. “Their investment is yet another vote of confidence in the success of our model at the intersection of luxury, lifestyle, and sportswear, beloved by a growing, global community of dreamers. With their experience of scaling international leaders across luxury and the broader business spectrum, HSG and Temasek will help us unlock the vast opportunity ahead for Golden Goose. 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.”

Jiajia Zou, Partner at HSG, added, “Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape. 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. We look forward to contributing our global experience, resources, and deep respect for the brand’s heritage, with the shared ambition of bringing the unique joy and spirit of Golden Goose to consumers around the world, for generations to come.”

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. They have built a unique community of GG-lovers around the world whilst also building a robust and high performing business. 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.”