HSG's Strategic Acquisition of Golden Goose: A New Chapter for Italian Luxury

In a landmark deal reshaping the luxury investment landscape, Chinese global investment firm HSG has acquired a controlling stake in the Italian sneaker label Golden Goose. This transaction represents one of the most significant Chinese investments in a European luxury brand to date, underscoring the growing financial influence and strategic appetite of Asian investors in the high-end fashion sector. The move concludes months of industry speculation and positions Golden Goose for its next phase of international expansion under a new ownership structure that includes Singapore's Temasek and the continued involvement of US fund Permira as a strategic minority shareholder.

Deal Structure and Strategic Rationale

The acquisition is a partnership led by HSG, with Temasek and its asset manager True Light Capital acquiring a minority stake. Permira, which has been a partner in Golden Goose's recent growth journey, will remain invested as a strategic minority shareholder. The financial terms were not disclosed, and the transaction is pending customary regulatory approvals, with an expected closing in the summer of 2026. According to the official announcement, the investment is driven by a strong strategic and cultural fit with Golden Goose's ambitions. The new investors bring a combined track record in scaling international luxury and consumer technology brands, such as Moncler, Ermenegildo Zegna, ByteDance, and Pop Mart.

Golden Goose's Meteoric Growth Trajectory

Golden Goose has been the standout growth story in Italian fashion over the past five years. The company has delivered consistent, strong, and profitable growth, with revenues skyrocketing from €266 million in fiscal year 2020 to €655 million in fiscal year 2024. This remarkable performance is attributed to a strategic focus on accelerating direct-to-consumer (DTC) channels, launching its innovative Forward Store concept, diversifying its product assortment, and heavily investing in 'Co-Creation' experiences to deepen customer connections globally. In the first nine months of 2025, the group reported a 13% year-on-year revenue increase, fueled by 21% growth in its DTC channel. Its directly operated store network has expanded dramatically from 97 stores in 2019 to 227 stores.

Leadership Continuity and Future Vision

A key component of the deal is the continuity of leadership. Silvio Campara will remain as Golden Goose's Chief Executive Officer, leading the existing management team. Marco Bizzarri, a former Gucci CEO and current non-executive director, will assume the role of Non-Executive Chairman, bringing invaluable luxury industry expertise to guide the brand's next growth phase. In a statement, Campara expressed delight in welcoming HSG and Temasek as strategic partners, noting their investment is a vote of confidence in the brand's unique model at the intersection of luxury, lifestyle, and sportswear. He emphasized the shared goal of unlocking the vast global opportunity ahead for Golden Goose while preserving its Italian heritage.

Implications for the Global Luxury Market

This acquisition is a significant indicator of shifting dynamics within the global luxury investment sphere. The entry of a major Chinese investor like HSG into a iconic European brand highlights the increasing cross-border capital flows and the strategic value placed on brands with a strong direct-to-consumer footprint and a distinctive brand community. For Golden Goose, the partnership provides not just capital, but also strategic resources and global market expertise to scale its operations internationally. The investors have committed to supporting the brand's global ambitions while continuing to invest in its 'Made in Italy' roots, a balance crucial for maintaining brand authenticity.

The deal reinforces Golden Goose's position as a leading next-generation luxury brand. As the luxury sector navigates a complex economic environment, the brand's proven resilience and growth—even against a challenging 2024-2025 backdrop—make it an attractive asset. The focus will now turn to leveraging the new ownership's resources to deepen market penetration, particularly in Asia, and to continue innovating the customer experience through its 'Co-Creation' initiatives. This transaction sets a notable precedent for future investments in the luxury space, where brand authenticity, community engagement, and digital agility are paramount to long-term value creation.