{"id":20578,"date":"2025-12-25T03:27:11","date_gmt":"2025-12-25T10:27:11","guid":{"rendered":"https:\/\/footwearmagazine.com\/?p=20578"},"modified":"2025-12-25T03:27:11","modified_gmt":"2025-12-25T10:27:11","slug":"golden-goose-chinas-hsg","status":"publish","type":"post","link":"https:\/\/footwearmagazine.com\/?p=20578","title":{"rendered":"Golden Goose Hits \u20ac2.5 Billion Valuation As China\u2019s HSG Takes Control"},"content":{"rendered":"

Golden Goose<\/a><\/b> is closing in on a change of ownership, with private equity owner <\/span>Permira<\/a><\/b> fielding a potential <\/span>\u20ac2.5 billion<\/b> offer from <\/span>China\u2019s HongShan Capital Group<\/a> (HSG)<\/b> 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.<\/span><\/p>\n

A multibillion-euro bid for an Italian sneaker powerhouse<\/span><\/h3>\n

HongShan<\/b> has reportedly put forward an offer of around <\/span>\u20ac2.5 billion<\/b> to acquire <\/span>Golden Goose<\/b> from <\/span>Permira<\/b>, with the aim of signing a deal before <\/span>Christmas 2025<\/b>. The proposed price implies an enterprise value of roughly ten times the brand\u2019s projected <\/span>2025<\/b> EBITDA, including debt.<\/span><\/p>\n

If completed, the transaction would represent one of <\/span>Permira\u2019s<\/b> largest consumer exits and one of the most significant luxury acquisitions of the year, more than doubling the roughly <\/span>\u20ac1.25 billion<\/b> valuation tied to a prior major fashion deal involving Versace.<\/span><\/p>\n

Strong growth through a luxury slowdown<\/span><\/h3>\n

Despite a broader luxury cool-down, <\/span>Golden Goose<\/b> has continued to grow at double-digit rates. The brand\u2019s revenue rose about <\/span>13%<\/b> in <\/span>2024<\/b> to roughly <\/span>\u20ac655 million<\/b> and maintained that <\/span>13%<\/a><\/b> growth pace in the first nine months of <\/span>2025<\/b>, reaching <\/span>\u20ac517.1 million<\/a><\/b> in sales.<\/span><\/p>\n

For the full year, <\/span>Golden Goose<\/b> is estimated to generate a gross operating margin (EBITDA) of around <\/span>\u20ac250 million<\/b>, up from <\/span>\u20ac227 million<\/a><\/b> the year before. The brand operates roughly <\/span>227 stores<\/b> across the <\/span>Americas<\/b>, <\/span>Europe<\/b>, the <\/span>Middle East<\/b>, and <\/span>Asia Pacific<\/b>, with sneakers often priced above <\/span>\u20ac500<\/b> per pair.<\/span><\/p>\n

From Permira\u2019s 2020 buyout to a potential 2025 exit<\/span><\/h3>\n

Permira<\/b> acquired <\/span>Golden Goose<\/b> in <\/span>2020<\/a><\/b> at a valuation of around <\/span>\u20ac1.3 billion<\/b>, later shelving a planned <\/span>Milan<\/b> IPO in <\/span>2024<\/b> due to volatile markets. A sale at approximately <\/span>\u20ac2.5 billion<\/b> would crystallize a substantial gain while illustrating ongoing private-equity appetite for European luxury assets.<\/span><\/p>\n

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

HongShan\u2019s strategy and possible leadership shake-up<\/span><\/h3>\n

The reported bid is part of <\/span>HongShan\u2019s<\/b> broader strategy to expand in <\/span>European<\/b> consumer and luxury assets, building on its <\/span>$55 billion<\/b> in assets under management and push into larger buyouts. Local reports indicate the fund has asked former <\/span>Gucci<\/b> CEO <\/span>Marco Bizzarri<\/b> to become <\/span>Golden Goose\u2019s<\/b> future chairman, replacing current chair <\/span>Maureen Chiquet<\/b>.<\/span><\/p>\n

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

What the potential sale means for luxury<\/span><\/h3>\n

The mooted <\/span>\u20ac2.5 billion<\/b> price tag would make <\/span>Golden Goose<\/b> one of the standout luxury M&A stories of <\/span>2025<\/b>, even as other players navigate softer demand and macro uncertainty. The brand\u2019s 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.<\/span><\/p>\n

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 <\/span>Golden Goose<\/b> firmly \u201con the brink of sale.\u201d<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"Golden Goose is closing in on a change of ownership, with private equity owner Permira fielding a potential…","protected":false},"author":219894228,"featured_media":20579,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","pad_hide_post_author":"","csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"Golden Goose Hits \u20ac2.5 Billion Valuation As China\u2019s HSG Takes Control","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1408,1364,1482],"tags":[1614,3173,1650,2462],"class_list":{"0":"post-20578","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"category-fashion","9":"category-shoes","10":"tag-golden-goose","11":"tag-hongshan-capital-group","12":"tag-luxury","13":"tag-permira","14":"cs-entry","15":"cs-video-wrap"},"yoast_head":"\nGolden Goose Hits \u20ac2.5 Billion Valuation As China\u2019s HSG Takes Control<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/footwearmagazine.com\/?p=20578\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Golden Goose Hits \u20ac2.5 Billion Valuation As China\u2019s HSG Takes Control\" \/>\n<meta property=\"og:description\" content=\"Golden Goose is closing in on a change of ownership, with private equity owner Permira fielding a potential…\" \/>\n<meta property=\"og:url\" content=\"https:\/\/footwearmagazine.com\/?p=20578\" \/>\n<meta property=\"og:site_name\" content=\"Footwear Magazine\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/footwearmagazine\" \/>\n<meta property=\"article:published_time\" content=\"2025-12-25T10:27:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/footwearmagazine.com\/wp-content\/uploads\/2025\/12\/z1m6148q-1170x658.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1170\" \/>\n\t<meta property=\"og:image:height\" content=\"658\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Alyssa J. 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