Golden Goose will soon have new owners A €2.5 billion agreement was signed to acquire the brand

Since its founding, thanks to a truly brilliant merchandise and retail strategy, Golden Goose has proven to live up to its name: the proverbial golden goose. An enviable market position that has indeed attracted acquisition proposals from major international groups. And last Friday, one of these groups announced that it will soon become the new majority shareholder of the brand, getting its hands on the golden goose: it is the Chinese venture capital and private equity fund HSG, together with the investment company Temasek and True Light Capital. Meanwhile, the funds managed by Permira, the current owner, along with other existing shareholders such as Carlyle, will retain a minority stake.

What does the acquisition of Golden Goose mean?

Silvio Campara will remain at the helm of the company as CEO, while Marco Bizzarri, the former CEO of Gucci and currently a non-executive director, will take on the role of non-executive chairman. In an interview following the announcement, Campara described himself as thrilled with this acquisition, which for him represents the fulfillment of a dream, as the brand now has the resources to expand like never before and will also be able to forge new partnerships.

In reality, new investors or not, the brand was already headed toward a new chapter of expansion. The acquisition by HSG in fact follows the last-minute cancellation of the highly anticipated Golden Goose IPO, which was theoretically scheduled for last June but was then postponed due to European market volatility and certainly due to the prospect of an external acquisition that would expose the company to fewer risks. Campara has not ruled out a possible future IPO: investor and market disinterest is certainly not an issue for the brand.

The reason for such confidence is that the business model created by the brand - with customizable sneakers (recently even through AI) and the ability to perform repairs in the same stores that blend classic luxury retail with an artisanal and youthful vibe - has practically infinite scalability now that fresh capital is available to support it. It is no coincidence that, although the financial details of the deal are not public, several sources including WWD estimate the value of the acquisition at around 2.5 billion euros. The transaction is expected to be formally completed by next summer.

Why is Golden Goose worth so much?

The estimated figure of 2.5 billion euros should not come as a surprise. It is true that it is double what Prada recently paid to acquire Versace, making Golden Goose much more valuable as an asset than many historically renowned luxury brands; but it is also true that, as we mentioned, the brand has remained unaffected by the luxury crisis thanks to its pricing policies, the agility of its model, and the idea of turning the consumer, so to speak, into a collaborator of the brand, perpetually engaged with it.

According to the most recent data, in the first nine months of the year, revenues grew by 13% compared to the previous year, reaching 517.1 million euros. A result driven by a 21% increase in the direct-to-consumer channel and the expansion of the store network, which now includes 227 directly operated stores, compared to 97 in 2019. Campara also anticipated that the year will close with double-digit growth, and highlighted how, unlike some competitors in the fashion sector, the Chinese market has recorded positive performance for the brand.

Takeaways

- Golden Goose will be acquired by HSG, a Chinese venture capital and private equity fund, together with Temasek and True Light Capital as minority investors, while Permira and other shareholders such as Carlyle will retain a minority stake; the deal, valued at around 2.5 billion euros, is expected to close by next summer.

- Silvio Campara will remain CEO and Marco Bizzarri will become non-executive chairman, with the goal of accelerating the brand’s global expansion, following the cancellation of the planned IPO due to market volatility.

- The brand has demonstrated a highly scalable business model, featuring customizable sneakers and a unique retail experience, which has enabled it to weather the luxury crisis and record 13% revenue growth in the first nine months of the year, closing 2025 with double-digit growth.

- The high valuation reflects the brand’s strength, making it more “valuable” than many historic luxury names, thanks to effective pricing policies, operational agility, and strong consumer engagement, including positive performance in China.