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The Chinese HSG Group is acquiring a majority stake in Italian sneaker label Golden Goose. This is one of the largest investments ever made by a Chinese company in a European luxury brand.
Completed this summer
The announcement puts an end to months of speculation about a possible sale of Golden Goose to a Chinese investor. Financial details of the transaction were not disclosed. The acquisition is expected to be completed in the summer of 2026, once all authorities have given their approval. Golden Goose expects that 480 million euros in debt maturing in 2031 will be repaid in full.
The Italian brand has achieved strong growth since 2020, according to Belgian newspaper De Tijd: turnover rose from 266 million to 655 million euros during that period. This growth is partly due to the expansion of direct-to-consumer channels, a broadening of the product range and substantial investments in customer relations.
With Labubu and TikTok
HSG has previously invested in companies such as ByteDance (TikTok) and Pop Mart (Labubu), and Golden Goose hopes that the investment will enable it to achieve similar global growth. Another party now joining the venture is Temasek, which has previously invested in luxury brands such as Moncler and Ermenegildo Zegna.
CEO Silvio Campara will continue to lead Golden Goose, together with the existing management team. Marco Bizzarri, currently a non-executive director, will become non-executive chairman of the board of directors. He brings extensive experience from his previous senior positions at Gucci, Bottega Veneta, and Kering, among others. American investor Permira will remain on board as a strategic minority shareholder.
