HSG has completed its acquisition of a majority stake in Golden Goose, the Italian maker of deliberately distressed "Superstar" sneakers, the companies announced on June 24. Singapore state investor Temasek joined as a minority shareholder, while seller Permira and fellow backer Carlyle kept smaller positions.
The deal values Golden Goose at slightly more than €2.5 billion, according to reports including Business of Fashion. The companies did not officially disclose financial terms. Permira, a London-based private-equity firm — an investor that buys companies, aims to grow their value and later sells them — bought Golden Goose in 2020 for about €1.3 billion, so the reported valuation roughly doubles that figure.
From scrapped IPO to trade sale
The transaction ends a winding exit. In June 2024, Permira pulled a planned initial public offering on the Milan stock exchange, citing market volatility just before the brand was set to list. An IPO sells shares to public investors on an exchange; a trade sale instead transfers ownership to another company or fund in a private deal. By opting for the latter, Permira found an exit without exposing the brand to choppy public markets — a path other PE-owned consumer names have weighed as listings stalled.
For HSG, the purchase is a notable move beyond its venture-capital roots. The firm was the China arm of America's Sequoia Capital until the two split in 2023; Sequoia China rebranded as HongShan (HSG), a separate entity managing around $56 billion, per TechCrunch.
Leadership and financials
Silvio Campara stays on as chief executive. Marco Bizzarri — who ran Gucci and Bottega Veneta at French group Kering and has sat on Golden Goose's board since 2024 — becomes non-executive chairman, a board-level oversight role that does not involve running day-to-day operations.
Golden Goose has grown sharply. Revenue reached €734 million in 2025, up from €266 million in 2020, and first-quarter 2026 sales rose 10% to €173.2 million, according to figures cited in the original report. Direct-to-consumer sales make up about 81% of revenue across 232 stores.
What it signals
The deal is among the year's largest luxury M&A transactions. It underscores how private-equity-owned brands increasingly favor trade sales over IPOs when public markets are unwelcoming, and how Asian capital — both Chinese funds and Singapore's Temasek — is moving deeper into European luxury. Whether the new owners can sustain Golden Goose's growth, particularly across Asia, remains to be seen.
