The €2.5 Billion Bid Putting Golden Goose At The Center Of Luxury M&A In 2025

Golden Goose is closing in on a change of ownership, with private equity owner Permira fielding a potential €2.5 billion offer from China’s HongShan Capital Group (HSG) that could make it one of the biggest luxury deals of the year. The valuation would put the Italian luxury sneaker brand at roughly ten times its expected year-end core profit, highlighting investor confidence even as parts of the luxury market cool.

A multibillion-euro bid for an Italian sneaker powerhouse

HongShan has reportedly put forward an offer of around €2.5 billion to acquire Golden Goose from Permira, with the aim of signing a deal before Christmas 2025. The proposed price implies an enterprise value of roughly ten times the brand’s projected 2025 EBITDA, including debt.

If completed, the transaction would represent one of Permira’s largest consumer exits and one of the most significant luxury acquisitions of the year, more than doubling the roughly €1.25 billion valuation tied to a prior major fashion deal involving Versace.​

Strong growth through a luxury slowdown

Despite a broader luxury cool-down, Golden Goose has continued to grow at double-digit rates. The brand’s revenue rose about 13% in 2024 to roughly €655 million and maintained that 13% growth pace in the first nine months of 2025, reaching €517.1 million in sales.

For the full year, Golden Goose is estimated to generate a gross operating margin (EBITDA) of around €250 million, up from €227 million the year before. The brand operates roughly 227 stores across the Americas, Europe, the Middle East, and Asia Pacific, with sneakers often priced above €500 per pair.

From Permira’s 2020 buyout to a potential 2025 exit

Permira acquired Golden Goose in 2020 at a valuation of around €1.3 billion, later shelving a planned Milan IPO in 2024 due to volatile markets. A sale at approximately €2.5 billion would crystallize a substantial gain while illustrating ongoing private-equity appetite for European luxury assets.

Earlier in 2025, Blue Pool Capital, backed by Joe Tsai, acquired about 12% of Golden Goose to support its international expansion, further diversifying the shareholder base ahead of a potential ownership change.

HongShan’s strategy and possible leadership shake-up

The reported bid is part of HongShan’s broader strategy to expand in European consumer and luxury assets, building on its $55 billion in assets under management and push into larger buyouts. Local reports indicate the fund has asked former Gucci CEO Marco Bizzarri to become Golden Goose’s future chairman, replacing current chair Maureen Chiquet.

If the deal closes, HongShan is expected to focus on expanding directly managed stores, particularly in Asia, and could consider a medium-term listing for Golden Goose once integration and growth plans are underway.

What the potential sale means for luxury

The mooted €2.5 billion price tag would make Golden Goose one of the standout luxury M&A stories of 2025, even as other players navigate softer demand and macro uncertainty. The brand’s resilient growth, high price points, and global retail footprint have helped keep it attractive to investors looking for differentiated, logo-light luxury with strong brand heat.

Deal talks are advanced but not yet finalized, and timelines could still shift; however, multiple reports indicate that both sides are working toward a signing by year-end, putting Golden Goose firmly “on the brink of sale.”