Golden Goose is preparing to open a new chapter in its history. The Italian brand, known for turning its iconic trainers into cult objects, will soon have new owners, following the signing of an acquisition deal valued at around €2.5 billion.
Since its founding, the brand has built a solid business model. It has done so through a finely tuned product and retail strategy. This has positioned it as one of the great success stories of contemporary luxury. A rise that has not gone unnoticed by major international investors.
As announced, the Chinese venture capital and private equity fund HSG will become Golden Goose’s new majority shareholder. It will be joined by Temasek and True Light Capital as investment partners. Meanwhile, funds managed by Permira, the current owner, along with other shareholders such as Carlyle, will retain a minority stake in the company.
Same helm, new chapter
The transaction will not bring changes to the brand’s leadership. Silvio Campara will remain at the helm as CEO. Marco Bizzarri, former CEO of Gucci and until now a non-executive director, will take on the role of non-executive chairman.
Following the announcement, Campara expressed his enthusiasm about the arrival of the new investors. He described the deal as the ideal opportunity to take Golden Goose into a new phase of global expansion and to explore future strategic partnerships.
The move comes at a crucial moment for the company. Just a few months ago, Golden Goose cancelled its long-awaited IPO at the last minute, which had been scheduled for June. The decision was driven by the volatility of European markets and the broader macroeconomic context. In the end, the option of an external acquisition, less exposed to risk, prevailed. Even so, Campara has not ruled out the possibility of revisiting an IPO in the future.
A business model built to scale
Golden Goose’s strength lies in a model that blends luxury, craftsmanship and experience. Trainer customisation — recently enhanced through artificial intelligence tools — and in-store repair services have transformed its spaces. They are no longer just points of sale, but creative hubs where customers become part of the process.
This approach, which mixes luxury retail with a youthful, artisanal aesthetic, has proven to be highly scalable. Even more so now that the brand will benefit from fresh financial resources to accelerate its expansion.
Although the exact terms of the deal have not been disclosed, several industry sources, including WWD, place the valuation at around €2.5 billion. The transaction is expected to close formally by next summer.
Why is Golden Goose worth so much?
The figure may seem high, especially when compared with other recent luxury acquisitions. It is, for instance, almost double what Prada is reported to have paid for Versace. However, Golden Goose’s numbers justify the valuation.
In the first nine months of the year, the company recorded 13% year-on-year revenue growth, reaching €517.1 million. The result was driven mainly by the direct-to-consumer channel, which rose by 21%, and by the expansion of its network of directly operated stores. It now counts 227 locations, compared with 97 in 2019.
Campara has also said that the year will close with double-digit growth. He highlighted the brand’s strong performance in the Chinese market, in contrast to the weakness that other luxury players are experiencing in the region.
Beyond the figures, the valuation reflects Golden Goose’s ability to sidestep the luxury downturn. It has done so thanks to its pricing strategy and operational agility, but above all through its skill in turning customers into active collaborators within the brand’s universe.
A new chapter
With this deal, Golden Goose strengthens its position as one of the most attractive assets in today’s luxury landscape. The arrival of HSG and its partners opens the door to a more ambitious phase of expansion, while continuity in leadership ensures that the brand’s DNA remains intact.
All signs suggest that the Italian label will continue to capitalise on its winning formula in an increasingly competitive global market — proving that, for now at least, its “golden goose” is still delivering.
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