Chinese fund HongShan bids €2.5 billion for luxury sneaker brand Golden Goose

The Italian luxury sneaker brand Golden Goose is reportedly the target of an acquisition by the Chinese investment fund HongShan. The potential deal is valued at €2.5 billion, with HongShan aiming to finalize the transaction before Christmas. If successful, this acquisition would further demonstrate HongShan's expanding interests in the fashion sector, building on a history of investments in global brands.

HongShan was founded in 2005 by Neil Shen and Zhang Fan, initially operating as Sequoia Capital China, the Chinese investment branch of Sequoia Capital. It established a strong reputation as an early-stage venture capital firm by identifying and investing in thriving Chinese tech giants, including Alibaba, JD.com, Meituan, ByteDance, and Pinduoduo, playing a key role in fast-tracking their growth and market leadership.

Between 2023 and 2024, Sequoia Capital underwent a global split, resulting in the rebranding of Sequoia Capital China as HongShan, which means 'sequoia' in Mandarin. The firm subsequently launched a funding round in July 2024, successfully raising €2.15 billion ($2.5 billion). Achieving independence, HongShan also expanded its reach internationally, opening offices in London and, scheduled for 2025, in Tokyo. This move signals a significant shift in its strategy, extending well beyond China's borders.

Initially focused solely on early-stage venture capital, HongShan has now diversified its operations across the full funding spectrum, encompassing seed capital, growth equity, private equity investment, and buyouts. This strategic shift has also led to diversification beyond its original tech focus, now including sectors like healthcare, consumer goods, and public infrastructure, driven by aspirations to become a global player capable of executing major international deals. A recent example of this transformation is HongShan's acquisition of a majority stake in the Anglo-Swedish audio equipment manufacturer Marshall Group in January 2025, which was valued at over $1 billion.

HongShan's focus on fashion, moving beyond Asia and technology, aligns with previous investments. Acquiring Golden Goose would be consistent with earlier operations, even during its time as Sequoia Capital China. In 2021, the firm acquired a majority stake in the French label Ami Paris, subsequently supporting its expansion in China through runway shows and pop-up stores. While Ami Paris has performed well, HongShan is reportedly considering selling its stake in the near future.

The investment fund holds stakes in several other fashion and consumer brands, including Amer Sports, lingerie brand Ubras, Urban Revivo, Halara, Miracle Miles (owner of footwear brands like Dream Pairs and Bruno Marc), and Shein (an investment made since 2018). The proposed acquisition of Golden Goose carries particular significance for HongShan due to the high brand valuation and its potential as the firm's first major entry point into the luxury sector. HongShan’s overall portfolio currently includes over 1,500 companies, among them 140 unicorns and 160 listed companies.