The golden goose of Italian luxury takes flight towards the East. Golden Goose comes under control From the bottom Chinese HSG, formerly known as HongShan Capital, supported by Singapore's sovereign fund Temasek and the True Light CapitalAn operation which, according to financial sources, values the group at around 2,5 billion of euros and marks a new chapter for the Venetian brand of “imperfect” sneakers, after the postponement of the listing on Piazza Affari in 2024. It is the largest luxury M&A transaction of 2025.
The handover allows Permira to only partially realize the investment. The fund in fact maintains a minority shareholding, continuing to believe in the Venetian brand's growth trajectory. Other financial partners, however, have withdrawn, while other financial details of the transaction have not been disclosed.
A growth that justifies the evaluation
I numbers explain the price. From 2020 to 2024 Golden Goose more than doubled its revenue, going from 266 to 655 million euros. In the first nine months of 2025, turnover reached 517,1 million, up 13%, with adjusted EBITDA equal to 173,6 million. enterprise value recognized is equivalent to approximately ten times the expected gross operating margin for the current year, estimated at around 250 million.
What convinced the new investors was above all the business model. The direct-to-consumer channel grows by 21% and the direct retail network now has 227 stores, compared to 97 in 2019. An expansion accompanied by a strong focus on customer experience and the building of a global community, which has transformed Golden Goose into a positioned brand “at the intersection of luxury, lifestyle and sportswear.”
Campara remains CEO, Bizzarri ascends to the presidency
Management continuity is one of the cornerstones of the agreement. Silvio Campara will continue to lead the group as CEO, supported by the current leadership team. On the board the presidency changes instead with Marco Bizzarri, already non-executive director, will become non-executive president.
“We are thrilled to welcome HSG and Temasek as strategic partners of Golden Goose to further strengthen our global growth ambitions as a leading international luxury brand” commented Campara “their investment represents a confirmation of the success of our model, positioned at the intersection of luxury, lifestyle, and sportswear, and beloved by a growing global community of Dreamers. With their experience scaling international leaders in the luxury sector and business in general, HSG and Temasek will help us seize new opportunities.”
Asia in the crosshairs, without giving up Made in Italy
Hsg aims to replicate what has already been done with other international brands (Moncler, accelerating development in Asia, particularly in China, but preserving the brand's Italian roots. "Golden Goose represents love, empathy, authenticity, and a powerful sense of community. We are honored to partner with Temasek and Permira to support the brand in its next chapter of growth, preserving what makes Golden Goose so authentically Italian," explained Jiajia Zou, partner of Hsg.
After the failed IPO, a future back on the stock market?
The sale comes a year after the cfreezing of the quotation in Milan, blocked by market volatility. But the stock market option isn't over: this time, the horizon could be international. First, however, the closing must be completed by summer 2026, subject to the usual regulatory authorizations. Upon completion of the transaction, Golden Goose expects the full refund of Senior Secured Floating Rate Notes maturing 2031, for a total amount of 480 million euros, including accrued and unpaid interest.
