World of Fashion
Hong Shan Acquires Majority Stake in Golden Goose — Strong Potential at the Intersection of Luxury and Lifestyle
By Yvonne Heinen-Foudeh, Senior International Correspondent
In the final days of 2025, Golden Goose SpA, Milan, confirmed that the international venture capital and private equity firm HSG (Hong Shan) will acquire a majority stake in the luxury goods company. The acquisition will be handled in partnership with Temasek, a global investment company based in Singapore, and a fund managed by its wholly owned asset manager, True Light Capital, which will join as a minority investor. According to the Financial Times, the takeover price for the private equity shares amounted to
US$ 2.9 billion.
Temasek has steadily increased its exposure to luxury and premium brands, including in particular Italian provenances such as stakes in Ermenegildo Zegna Group and Moncler. 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.
The Italian luxury label — which has so far focused on high-priced sneakers for consumers to shell out up to US$ 2,000 for a pair studded with crystals—had previously posted sales growth of 13 percent in the first nine months of 2025. Golden Goose was founded in 2000 and has carved out a distinctive position in the luxury footwear sector thanks to its staged-use aesthetic, Italian manufacturing roots, and focus on personalization and experiential retail. In addition, business in the direct-to-consumer (DTC) channel accelerated significantly in the third quarter, likely driven by the preloved trend in this segment.
Under the leadership of Silvio Campara, who will continue to serve as Chief Executive Officer, the brand has grown swiftly. Over the past five years, Golden Goose has more than doubled its retail space and significantly increased its revenue to SG$989 million (~€660 million) in 2024 despite a challenging luxury market. Marco Bizzarri's change of role from currently non-executive member of the board at Golden Goose to executive chairman of the board in the new ownership structure can confidently be seen as an indicator of stronger oversight in the new constellation and the targeted next phase of growth.
Under the leadership of Silvio Campara, who will continue to serve as Chief Executive Officer, the brand has grown swiftly. Over the past five years, Golden Goose has more than doubled its retail space and significantly increased its revenue to SG$989 million (~€660 million) in 2024 despite a challenging luxury market. Marco Bizzarri's change of role from currently non-executive member of the board at Golden Goose to executive chairman of the board in the new ownership structure can confidently be seen as an indicator of stronger oversight in the new constellation and the targeted next phase of growth.
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Dubai, July 10, 2025: The opening of first-ever children store also marked the launch of the Golden Goose Kids Collection offering sneakers of course yet as well apparel and accessories for newborns to juniors. The planned location for kids store II was most recently Milan.
Continuing to lead the Golden Goose group in close collaboration with the existing management team: CEO Silvio Campara ensures the continuation of the brand's vision. Photo: Vogue Italia
From a luxury brand to private equity investment concepts in the top segment: Marco Bizzarri is now joining the Golden Goose board of directors. The business executive served as CEO of Gucci until 2023 and previously held the positions of president and CEO of the Stella McCartney fashion line within the Kering group. Photo: Espacio Embresa