China-based HongShan Capital Group has submitted a €2.5bn ($2.91bn) offer to buy Italian luxury sneaker maker Golden Goose from private equity firm Permira, according to a report by la Repubblica. The parties are reportedly aiming to sign a deal by Christmas.
The offer values Golden Goose at around 10 times expected full-year core profit, including debt. The Venice-based company reported revenues of €655m in 2024 and adjusted core profit of €227m.
HongShan has asked former Gucci Chief Executive Marco Bizzarri to become chairman of Golden Goose as part of the transaction. The Chinese private equity firm is targeting an expansion of the brand’s directly operated store network, particularly in Asia, and is considering a medium-term stock market listing.
Golden Goose postponed plans for a Milan IPO last year, citing market volatility linked to political uncertainty in Europe. Permira acquired a majority stake in the business in 2020.
