Chinese firm reportedly submits ‘interesting’ bid for Golden Goose

A leading Chinese venture capital and private equity firm is believed to have come forward with an “interesting” bid for Golden Goose. Italian publication La Repubblica reported that HongShan Capital, a spin off of US venture capital firm Sequoia Capital, has emerged as a potential frontrunner to takeover the Italian footwear specialist.

HongShan is one of a number of Chinese investment funds believed to be circling Golden Goose, which is currently owned by Permira, a private equity firm that holds an 80 percent stake in the brand. This firm, in turn, acquired Golden Goose from Carlyle in 2020.

According to La Repubblica, which cited unspecified financial sources, HongShan has submitted a “non-binding, but very interesting” proposal for Golden Goose. The company declined to comment on the matter, the media outlet said.

HongShan represents the Asian operations of Sequoia Capital, which split its operations into three firms in 2023. The company manages the likes of PopMart, the maker of the popular Labubu figurine, and has previously invested in the likes of Ami Paris and Amer Sports.

Its interest comes as rumours continue to circulate regarding Permira’s intention with Golden Goose. Last year, the brand had attempted to pursue an IPO, however, ultimately halted plans due to the “volatility of the European market”.

In the first half of the current financial year, Golden Goose reported a net revenue increase of 13 percent, reflecting “resilient” performance, according to Silvio Campara, chief executive officer of the group.