Golden Goose Looks to Bond Sale to Fund Private Equity Buyout

HSG, the Beijing-based private equity firm formerly known as Sequoia Capital China, has agreed to acquire a majority stake in Golden Goose, the Venice-based Italian luxury sneaker manufacturer, from current owner Permira at a valuation slightly exceeding €2.5 billion. The transaction represents a significant cross-border acquisition of a European luxury consumer brand by a Chinese-backed investor and ranks among the sector's largest deals in 2026. Singapore-based sovereign wealth fund Temasek is entering as a minority investor, while Permira will retain a minority shareholding following completion. The deal marks an accelerated exit for Permira, which acquired Golden Goose in 2020 at a €1.3 billion valuation with initial intentions to take the company public.

To finance the acquisition, Goldman Sachs, JPMorgan, and UBS are arranging €800–€900 million in leverage, structured through high-yield bonds and floating-rate notes. Golden Goose plans to launch a €480 million offering of senior secured floating-rate notes with a six-year maturity to refinance existing debt. The debt package is expected to reach investors toward the end of the first quarter and is anticipated to attract global high-yield investors, particularly Asian funds seeking exposure to a premium European luxury brand.

Golden Goose's operational metrics underpin lender confidence in the financing. The company generated €655 million in revenues and €227 million in adjusted EBITDA during 2024, demonstrating sustained consumer demand for its distressed-style sneakers retailing above €500 per pair. The company shelved an initial public offering on the Milan Bourse in 2023 amid European market volatility and political uncertainty, making the private equity recapitalization a strategic alternative. Earlier in 2026, Blue Pool Capital, an investment vehicle backed by Alibaba co-founder Joe Tsai, acquired a 12% minority stake at a €2.2 billion valuation, signaling institutional confidence in the brand despite earlier capital markets setbacks.

The financing reflects broader market appetite for leveraged acquisitions of consumer and luxury assets with defensible brand positioning, even as broader leveraged finance markets experience periodic volatility. For institutional investors tracking European luxury M&A and cross-border Chinese capital deployment, the transaction signals continued PE activity in the sector and sustained lender willingness to finance high-quality consumer franchises with demonstrated pricing power.