Chinese global investment firm HSG has acquired a controlling stake in Italian sneaker brand Golden Goose, marking one of the largest Chinese investments in a European luxury label.
Singapore-based investment company Temasek, along with a fund managed by its wholly owned asset manager True Light Capital, will take a minority stake in the business. US private equity firm Permira will remain a strategic minority shareholder, continuing its partnership with Golden Goose, according to a statement issued by the Venice-based company.
The transaction brings to an end months of market speculation around a potential sale of Golden Goose to a Chinese investor. Financial terms were not disclosed. The deal is subject to customary regulatory approvals and closing conditions and is expected to be completed by the summer of 2026. Golden Goose S.p.A. said it expects its €480 million senior secured floating rate notes due in 2031 to be redeemed in full.
Golden Goose has been among the fastest-growing Italian fashion labels over the past five years. Since 2020, the company has delivered consistent and profitable growth, with revenues rising from US $ 312 million in FY2020 to US $ 767 million in FY 2024. Over this period, the group has expanded its direct-to-consumer operations, introduced its Forward Store concept, broadened its product range and invested in its ‘Co-Creation’ customer experience model.
The investment follows continued strong trading performance. In the nine months to September 2025, Golden Goose reported double-digit growth across regions, with revenues increasing 13 per cent year on year. Growth was driven by a 21 per cent increase in direct-to-consumer sales and an expanded retail footprint of 227 directly operated stores, compared with 97 stores in 2019.
The new shareholders said the transaction is underpinned by a strong strategic and cultural alignment with Golden Goose’s ambitions. Drawing on experience in international luxury and consumer technology investments, including Moncler and Ermenegildo Zegna by Temasek, and ByteDance, Pop Mart, RedNote and Marshall by HSG, the investors aim to support Golden Goose’s international expansion while continuing to invest in its Made in Italy heritage.
Silvio Campara will continue to lead the company as chief executive officer, alongside the existing management team. Marco Bizzarri, currently a non-executive director on the board, will become non-executive chairman. Bizzarri brings extensive industry experience from leadership roles at Gucci, Bottega Veneta and Kering and is expected to support the company’s next phase of global growth.
Campara said the entry of HSG and Temasek as partners reflected confidence in Golden Goose’s positioning at the intersection of luxury, lifestyle and sportswear, and added that their experience in scaling international brands would support the company’s global ambitions. He also acknowledged Permira’s role in Golden Goose’s growth to date and welcomed its continued involvement as a shareholder.
Jiajia Zou, partner at HSG, said the firm was pleased to partner with Temasek, Permira and the Golden Goose management team to support the brand’s next stage of international growth while preserving its Italian identity and heritage.
Francesco Pascalizi and Tara Alhadeff, partners at Permira, said Golden Goose has defined the concept of a next-generation luxury brand over the past two decades, building a strong global community alongside a resilient and high-performing business. They added that the company’s continued growth amid a challenging luxury market environment in 2024 and 2025 demonstrated its long-term strength.
