---
title: "China's HSG Takes Control of Golden Goose in Roughly €2.5 Billion Deal"
description: "HSG, the Chinese investment firm formerly known as Sequoia Capital China, has completed its purchase of a majority stake in luxury-sneaker maker Golden Goose from private-equity owner Permira — valuing the Italian brand at a reported €2.5 billion-plus, two years after its planned IPO was scrapped."
category: "Companies"
category_url: https://boursel.com/category/companies
author: "Kenji Nakamura"
published: 2026-06-24T16:30:00.000Z
updated: 2026-06-24T16:30:00.000Z
canonical: https://boursel.com/article/golden-goose-hsg-acquisition
tags: ["golden-goose", "hsg", "permira", "luxury", "m-and-a"]
---
# China's HSG Takes Control of Golden Goose in Roughly €2.5 Billion Deal

HSG, the Chinese investment firm formerly known as Sequoia Capital China, has completed its purchase of a majority stake in luxury-sneaker maker Golden Goose from private-equity owner Permira — valuing the Italian brand at a reported €2.5 billion-plus, two years after its planned IPO was scrapped.

HSG has completed its acquisition of a majority stake in Golden Goose, the Italian maker of deliberately distressed "Superstar" sneakers, the companies [announced](https://www.hsgcap.com/article/hsg-invests-in-golden-goose/) on June 24. Singapore state investor Temasek joined as a minority shareholder, while seller [Permira](https://www.permira.com/news-and-insights/announcements/golden-goose-group-welcomes-hsg-as-majority-investor-alongside-temasek-as-minority-shareholder) 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](https://www.businessoffashion.com/news/luxury/golden-goose-sneakers-sold-by-permira-to-chinese-firm-hsg/). 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](https://www.businessoffashion.com/news/luxury/golden-goose-sneakers-sold-by-permira-to-chinese-firm-hsg/) 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](https://techcrunch.com/2024/11/27/hongshan-spun-out-of-sequoia-last-year-is-reportedly-struggling-to-invest-its-huge-war-chest/).

## 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](https://finance.yahoo.com/markets/stocks/articles/hsg-completes-acquisition-golden-goose-160422293.html). 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.