Double merger at the end of the year in the sneakers’ world. Swinger acquires Philippe Model Paris, while Golden Goose finalizes negotiations to pass into the hands of the Chinese company HSG (formerly Sequoia Capital China), now majority shareholders of the brand. The common thread linking the two transactions is the Veneto region: Here’s why.
Double merger at the end of the year
Philippe Model Paris
“The acquisition stems from a desire to respect the brand’s history while working towards an increasingly contemporary evolution”, said Mathias Facchini, president of Swinger International, confirming the acquisition of Philippe Model Paris. The seller is 21 Invest, which in July 2016 (as 21 Investimenti, the name until 2018) acquired a majority stake in the brand. “Our strategy encompasses image, distribution, and product. It focuses on renewing storytelling through communication, aimed at an international audience that is aware of the brand’s quality”, continued Facchini (source: Footwear News). Swinger International, based in Verona, also owns Genny, as well as producing Just Cavalli and Versace Jeans Couture collections, and having just invested in Etro brand. Philippe Model, relaunched in 2008, produces high-end sneakers for both men and women in Riviera del Brenta. Its turnover is estimated at around €30 million.
Golden Goose
Golden Goose celebrates 25 years by confirming the rumors: Chinese private equity firm HSG will acquire a majority stake in the brand founded on December 23, 2000, in Marghera (Venice), with investment companies Temasek and True Light Capital becoming new minority shareholders. Permira (which acquired Golden Goose in 2020 for €1.28 billion) and Carlyle are selling their shares, but both will retain a minority stake. No precise financial details have been disclosed. According to Reuters, Golden Goose has been valued at €2.5 billion. The transaction is expected to be completed by next summer. Silvio Campara will remain CEO, while Marco Bizzarri (former CEO of Gucci and new member of the Armani group’s board) will become non-executive chairman of the brand from his position as non-executive member of the board of directors.
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