Golden Goose flies from Marghera to Beijing on a journey worth over 2.5 billion euros. Negotiations are reportedly underway that could see the sneaker brand move from its current majority shareholder Permira to Chinese fund HSC – HongShan Capital.
Everything seems ready
Everything is ready for the transfer of Golden Goose, writes Corriere della Sera. The brand could soon move from the British fund Permira to the portfolio of Chinese giant HSC – HongShan Capital. It’s a complex negotiation led by the American firm JP Morgan, and according to rumors, the offer presented by the Chinese is over €2.5 billion. In February 2020, Permira acquired the luxury sneaker brand from the Carlyle fund for €1.28 billion. Golden Goose would therefore have doubled its value in five years. And if we go back to 2017, according to market sources, Carlyle secured the brand by paying ‘only’ €430 million. This is an incredible case in the world of fashion and luxury, featuring the company founded in 2000 in Marghera (Venice) by Alessandro Gallo and Francesca Rinaldo.
On the market
In the summer of 2024, Permira had everything in place to list the company with an initial valuation of around €1.7 billion. Then it backtracked a few days before its debut on the Milan Stock Exchange, but the market picked up on the signal that the company was willing to open up its capital. And, as Corriere della Sera recalls, a few months later, Hong Kong-based Blue Pool Capital became a minority shareholder, acquiring 12% of the share capital. Asian funds’ interest in the Veneto-based company is now being confirmed by the Chinese conglomerate Hongshan. It manages over $55 billion and has holdings in more than 160 companies, including Alibaba, Byd, Bytedance (TikTok), JD.com, the Amer Sports group (Wilson, Salomon, and Atomic), the luxury brand Ami Paris, Urban Revivo, and Shein.
Photo from Golden Goose
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