- Global investment firm HSG to become majority shareholder; Temasek will acquire minority stake; Permira will remain committed as strategic minority shareholder, continuing its successful partnership with Golden Goose
- Investment will accelerate Golden Goose’s international expansion while preserving its Italian artisanal roots
- Golden Goose will continue to be led by Silvio Campara, CEO
Milan, 19 December 2025 – Golden Goose Group S.p.A. (“Golden Goose” or “the Group”), a leading next-generation luxury brand, today announces that HSG, a leading international venture capital and private equity firm, will acquire a majority stake in the Group, with Temasek, a global investment company, and a fund managed by its wholly-owned asset manager, True Light Capital, joining as minority investors. Funds advised by Permira, as well as other existing shareholders including Carlyle, have partially realized their investment in Golden Goose and will retain a minority investment in the Group.
Golden Goose is a next-generation global luxury brand operating at the intersection of luxury, lifestyle, and sportswear. Since 2020, the Group has delivered consistent, strong, and profitable growth, with revenues increasing from €266 million in FY 2020 to €655 million in FY 2024. During this period, the Group has accelerated its direct-to-consumer (DTC) channels, launched its Forward Store concept, diversified its product assortment, and invested significantly in Co-Creation experiences, deepening connections with its customers worldwide.
This investment comes amid a period of strong financial performance for Golden Goose. In the nine months ended September 2025, the Group reported double-digit growth across regions. Revenues rose 13% year-on-year, driven by 21% growth in its DTC channel and an expanded store network, which reached 227 directly operated stores, up from 97 in 2019.
The investment is underpinned by a strong strategic and cultural fit with Golden Goose’s growth ambitions. Drawing on the new investors’ combined experience and track records investing in international luxury and consumer technology brands, such as Moncler and Ermenegildo Zegna Group by Temasek, and ByteDance, Pop Mart, RedNote and Marshall by HSG, they will support Golden Goose’s international ambitions as a leading next-generation luxury brand, while preserving and continuing to invest in Golden Goose’s Made in Italy roots.
Silvio Campara will continue to lead the Group as Chief Executive Officer, alongside the existing leadership team. Marco Bizzarri, currently a Non-Executive Director on the Golden Goose board, will become Non-Executive Chairman. He brings significant industry expertise, shaped by his leadership of globally renowned luxury brands including Gucci, Bottega Veneta and Kering, and will play an important role in accelerating Golden Goose’s next phase of global expansion.
Silvio Campara, Chief Executive Officer of Golden Goose, said: “We are delighted to welcome HSG and Temasek as strategic partners to Golden Goose as we step up our global ambitions as a leading international luxury brand. 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. We are grateful to Permira for being integral partners to our successful journey so far and are delighted they will remain valued partners alongside HSG and Temasek.”
Jiajia Zou, Partner at HSG, said: “Golden Goose stands for love, empathy, authenticity and a powerful sense of community in today’s luxury landscape. 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. 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.”
Francesco Pascalizi and Tara Alhadeff, Partners at Permira, commented: “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. Against a challenging backdrop for the luxury industry in 2024 and 2025, Silvio and his talented team have continued to deliver strong performance and healthy growth, proving that Golden Goose is a brand that can stand the test of time. This transaction with HSG and Temasek is testament to both Golden Goose’s success and also its future ambition – continued global growth and innovation. We are thrilled to continue supporting Silvio and the team, and to welcome HSG and Temasek in this next exciting chapter.”
Financial terms of the transaction were not disclosed. The transaction is subject to customary closing conditions and regulatory approvals and is currently expected to close within the summer of 2026. Golden Goose S.p.A. expects its €480.0 million Senior Secured Floating Rate Notes due 2031 to be redeemed in full on or around the closing of the transaction at the relevant redemption price which will apply at the time of such redemption, plus accrued and unpaid interest.
J.P. Morgan acted as lead financial advisor, and Bank of America as financial advisor to Permira. Giliberti Triscornia e Associati acted as legal advisor, and Maisto & Associati as tax advisors to Permira. EY conducted Permira’s financial due diligence.
