Partnering With Golden Goose
December 19, 2025 – Golden Goose has built one of the most distinctive brands in modern consumer culture. Founded in 2000 and anchored in Italy’s artisanal heritage, the brand operates at the intersection of luxury, lifestyle, and sportswear. Its “perfectly imperfect” design language has earned a global community of two million Dreamers.
Today, we’re proud to announce that HSG has acquired a majority stake in Golden Goose, with Temasek and True Light Capital joining as minority investors. Funds advised by Permira, along with other existing shareholders, including Carlyle, have partially realized their investment and will retain a minority position in the company.
Since 2020, Golden Goose 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 company 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.
In the nine months ended September 2025, the company 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. The international opportunity ahead sits squarely within where HSG has spent decades partnering with leading consumer and lifestyle brands, including ByteDance, Pop Mart, RedNote, and Marshall. We plan to bring that experience to bear while preserving and continuing to invest in Golden Goose’s Made in Italy roots.
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.”
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 board, will become Non-Executive Chairman. His experience leading Gucci, Bottega Veneta, and Kering brings rare operating depth to Golden Goose’s next phase of global expansion.
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.”
This next chapter will be written in store openings, in new markets, and in design conversations with customers who treat the brand as their own. We are proud to partner with Silvio and his team as they write it, and grateful to our co-investors at Temasek, True Light Capital, Permira, and Carlyle for building it alongside us.