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Home > Headlines > Golden Goose gets new majority owner as China's HSG buys stake from Permira

Golden Goose gets new majority owner as China's HSG buys stake from Permira

Published by Global Banking and Finance Review

Posted on December 19, 2025

2 min read

Last updated: January 20, 2026

Golden Goose gets new majority owner as China's HSG buys stake from Permira - Headlines news and analysis from Global Banking & Finance Review

Tags:equity valuations investment

Quick Summary

Golden Goose's ownership changes as HSG acquires a majority stake, with Temasek also investing. The brand is valued at 2.5 billion euros.

Golden Goose Sees New Ownership as HSG Acquires Majority Stake

By Elisa Anzolin

MILAN, Dec 19 (Reuters) - Italian luxury sneaker maker Golden Goose said on Friday that Chinese private equity firm HSG, formerly known as Sequoia Capital China, had become its majority shareholder after buying a stake from current owner Permira.

Singapore's investment firm Temasek, alongside its subsidiary True Light, has also bought a minority stake in the Venice-based maker of sneakers that retail starting at 500 euros a pair.

The accord gives Golden Goose a valuation of around 2.5 billion euros ($3 billion) including debt, a source close to the matter said. The statement did not disclose financial details.

Permira, which acquired Golden Goose in 2020 paying 1.28 billion euros, will retain a minority stake alongside other existing shareholders including Carlyle, the company said.

Silvio Campara will continue to lead the brand as chief executive. Former Gucci CEO Marco Bizzarri, currently a board member, will become non-executive chairman.

The sale concludes a process Permira launched in 2024, after the British-owned private equity firm tried to list Golden Goose on the Milan stock market, but was forced to pull the initial public offering due to market conditions.

The transaction is expected to complete in the third quarter of next year. Earlier this year HSG bought a majority stake in Stockholm-based audio equipment group Marshall.

Golden Goose reported a 13% increase in 2024 revenues to 655 million euros, with adjusted earnings before interest, tax, depreciation and amortisation of 227 million euros.

($1 = 0.8535 euros)

(Reporting by Valentina Za, editing by Gavin Jones and Valentina Za)

Key Takeaways

•HSG acquires majority stake in Golden Goose from Permira.
•Temasek and True Light also invest in Golden Goose.
•Golden Goose valued at approximately 2.5 billion euros.
•Silvio Campara remains CEO; Marco Bizzarri becomes chairman.
•Permira retains a minority stake after the sale.

Frequently Asked Questions about Golden Goose gets new majority owner as China's HSG buys stake from Permira

1What are valuations?

Valuations are estimates of the worth of an asset or company, often determined through various methods such as discounted cash flow analysis or market comparisons.

2What is a minority stake?

A minority stake refers to owning less than 50% of a company's shares, which typically does not grant control over company decisions.

3What is a private equity firm?

A private equity firm is an investment company that invests in private companies or buys out public companies to delist them from stock exchanges, aiming for long-term capital appreciation.

Golden Goose Sees New Ownership as HSG Acquires Majority Stake

By Elisa Anzolin

Singapore's investment firm Temasek, alongside its subsidiary True Light, has also bought a minority stake in the Venice-based maker of sneakers that retail starting at 500 euros a pair.

The accord gives Golden Goose a valuation of around 2.5 billion euros ($3 billion) including debt, a source close to the matter said. The statement did not disclose financial details.

Permira, which acquired Golden Goose in 2020 paying 1.28 billion euros, will retain a minority stake alongside other existing shareholders including Carlyle, the company said.

Silvio Campara will continue to lead the brand as chief executive. Former Gucci CEO Marco Bizzarri, currently a board member, will become non-executive chairman.

The transaction is expected to complete in the third quarter of next year. Earlier this year HSG bought a majority stake in Stockholm-based audio equipment group Marshall.

Golden Goose reported a 13% increase in 2024 revenues to 655 million euros, with adjusted earnings before interest, tax, depreciation and amortisation of 227 million euros.

($1 = 0.8535 euros)

(Reporting by Valentina Za, editing by Gavin Jones and Valentina Za)

Frequently Asked Questions

1What are valuations?

Valuations are estimates of the worth of an asset or company, often determined through various methods such as discounted cash flow analysis or market comparisons.

2What is a minority stake?

A minority stake refers to owning less than 50% of a company's shares, which typically does not grant control over company decisions.

3What is a private equity firm?

A private equity firm is an investment company that invests in private companies or buys out public companies to delist them from stock exchanges, aiming for long-term capital appreciation.