MILAN — The deal between Golden Goose and international venture capital and private equity firm HSG was completed on Wednesday, with the latter becoming majority shareholder of the Italian brand.
Temasek and True Light Capital, an asset manager wholly-owned by Temasek, joined as minority investors. And Permira will remain committed as a strategic minority shareholder.
Silvio Campara is staying on as chief executive officer and Marco Bizzarri, previously a non-executive director on the board since April 2024, will become non-executive chairman, effective immediately.
The acquisition was revealed in December and financial terms of the transaction were not disclosed.
“Today marks the beginning of an exciting new chapter for Golden Goose. We are thrilled that HSG and Temasek are officially joining us as strategic partners,” Campara said. “We look forward to benefiting from their vast experience of scaling international brands across luxury and accelerating innovation as we step up our global ambitions and bring Golden Goose to more Dreamers around the world. This investment is yet another endorsement of our unique model and the global resonance of our brand and will help us unleash Golden Goose’s full potential as a leading Next Gen luxury brand.”
The exterior of the new Golden Goose store in Dallas.
Courtesy of Golden Goose
Under Campara’s lead, Golden Goose has delivered consistent growth, with revenues increasing to 734 milion euros in 2025 from 266 million euros in 2020.
In the first quarter, sales climbed 10 percent to 173.2 million euros.
“Golden Goose is a truly one-of-a-kind luxury brand — its Italian heritage, pioneering model and authentic voice connect with a growing and passionate community around the world,” said HSG partner Jiajia Zou. “We are pleased to be partnering with Silvio and his talented team, as well as Temasek and Permira to unlock new opportunities for growth, while honoring what has made the brand so successful to date.”
Bizzarri, after successfully developing his career as president and CEO of Gucci, and before that at Bottega Veneta and Stella McCartney, became an investor in Forel, which in 2024 entered into an agreement on behalf of the FARO fund to acquire a majority stake in Italian luxury interior design brand Visionnaire. He is also a partner in Orienta Capital Partners, which specializes in investments in small- and medium-sized companies with strong growth potential. Bizzarri has also been a member of the board of the Giorgio Armani Group since November.
The transaction could position Golden Goose to continue to strengthen its direct-to-consumer business, which in the first quarter remained the growth driver with revenues climbing 19 percent and representing 81 percent of the total. This was driven by double-digit, like-for-like performance in retail, as well as a strong digital performance. There are 232 Golden Goose stores across the Europe, Middle East and Africa region, the U.S. and Asia Pacific.
Golden Goose is expected to open its biggest store in the world, Haus Milano, this year. The outpost will be located in a renovated 1930s building, the former Garage Traversi near Via Montenapoleone, covering four floors and 27,000 square feet.
In a joint statement, Francesco Pascalizi and Tara Alhadeff, partners at Permira, said Golden Goose “has disrupted established models in the luxury industry and in the process built a real connection with customers worldwide. We look forward to continuing championing and partnering with the brand alongside HSG and Temasek as Golden Goose enters this new chapter with powerful momentum.”
