MILAN — The M&A scene in Italy is not winding down before Christmas.
Golden Goose on Friday evening said international venture capital and private equity firm HSG will acquire a majority stake in the group, with investment company Temasek, and True Light Capital, joining as minority investors.
Funds advised by Permira, as well as other existing shareholders including Carlyle, will retain a minority investment in the group.
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Silvio Campara will continue to helm the company as chief executive officer and Marco Bizzarri, currently a non-executive director of the board, will become non-executive chairman.
“I am so happy, this was my dream,” said Campara in an interview after revealing the sale, referring to the growth of the brand so far and the long-term prospects with the new investors. “I am also really happy that a story apparently so different and inclusive, that puts the consumer before everything else, has shown it can be successful.”
Campara also trumpeted Bizzarri’s support, with his industry expertise, helming Gucci, Bottega Veneta and Kering over the years. “He will play an important role in accelerating Golden Goose’s next phase of global expansion,” he said. Bizzarri also just joined the Giorgio Armani board.
Financial terms were not disclosed, but market sources peg the acquisition at 2.5 billion euros. The transaction is expected to close by next summer.
Campara enthused about HSG and Temasek, viewed as strategic partners to step up the brand’s expansion. “They understood our strategy and our culture, and their investment is yet another vote of confidence in the success of our model at the intersection of luxury, lifestyle and sportswear, beloved by a growing, global community of Dreamers. With their experience of scaling international leaders across luxury and the broader business spectrum, HSG and Temasek will help us unlock the vast opportunity ahead for Golden Goose,” he said.
The investment comes as Golden Goose closed the first nine months of the year with a 13 percent increase in revenue year-over-year to 517.1 million euros, driven by 21 percent growth in its direct-to-consumer channel and an expanded store network. This reached 227 directly operated stores, up from 97 in 2019.
In 2024, Golden Goose’s sales amounted to 655 million euros, up from 266 million euros in 2020, when Permira acquired the company, best known for its Super-Star sneakers and strong global community.
To wit, Jiajia Zou, partner at HSG, formerly known as Sequoia Capital China, said in a statement that “Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape.”
Campara underscored that Golden Goose will close the year with double-digit growth and that, conversely to some fashion peers, China performed positively for the brand.
Founded in 2005, HSG has backed more than 1,600 companies with high-growth potential. To date more than 160 HSG portfolio companies have listed on public stock exchanges, while over 140 private portfolio companies have reached unicorn status.
The highly anticipated public listing of Golden Goose, expected to take place in June 2024, was called off at the 11th hour due to European market volatility. Eyeing a potential future initial public offering, Campara touted how “the international and diverse pool of investors” would be an asset.
HSG manages more than $55 billion in assets across various funds for top institutional investors, and invests across sectors ranging from consumer and technology to health care, in companies including ByteDance, Pop Mart, RedNote and Marshall.
“We feel deeply privileged to partner with Temasek and Permira, together with Silvio and his talented team to support the brand as it enters its next exciting chapter of growth — especially internationally — while preserving and celebrating what makes Golden Goose so uniquely Italian,” continued Zou. “We look forward to contributing our global experience, resources, and deep respect for the brand’s heritage, with the shared ambition of bringing the unique joy and spirit of Golden Goose to consumers around the world, for generations to come.”
Temasek is a global investment company headquartered in Singapore, with 13 offices in nine countries. It has a net portfolio value of $324 billion and has invested in brands ranging from Moncler to Ermenegildo Zegna Group.
True Light Capital is an asset manager that is also headquartered in Singapore and is an independent, wholly-owned subsidiary of Temasek with assets under management of $4 billion from global investors.
Campara expressed gratitude to Permira as “integral partners to our successful journey so far” and for remaining shareholders with HSG and Temasek.
Francesco Pascalizi and Tara Alhadeff, partners at Permira, jointly stated that Golden Goose “has led the way in defining what it is to be a next-gen luxury brand for two decades now. They have built a unique community of GG-lovers around the world whilst also building a robust and high-performing business […] proving that Golden Goose is a brand that can stand the test of time.”
Founded in 1985, Permira has a total committed capital of about 85 billion euros. It acquired Golden Goose from Carlyle for 1.28 billion euros, implying that Permira paid more than 14 times the company’s expected 2019 earnings before interest, taxes and depreciation.
Permira’s consumer team has deployed more than 15 billion euros to collaborate with more than 45 companies globally, investing over the years in the likes of K-Way, Reformation, Gruppo Florence, Hugo Boss, Valentino, Dr. Martens and BestSecret.
Carlyle acquired the Marghera, Italy-based sneaker company in 2017 from Ergon Capital Partners and Zignago Holding SpA, controlled by the Marzotto family, as well as the company’s founders and management team.
Ergon acquired a majority stake in Golden Goose in 2015. Style Capital held a minority stake in the Italian brand, which was founded by creative directors Alessandro Gallo and Francesca Rinaldo.
Gallo and former Gucci president and CEO Patrizio di Marco also remain minority investors.
