- Italian sneaker brand signs deal at Hangzhou investment conference
- Move follows HongShan-led €2.5 billion acquisition completed late last year
Golden Goose will establish its China operating headquarters in Hangzhou’s Linping District, marking a major step in the Italian luxury sneaker maker’s China expansion.
The decision came after a consortium led by HongShan acquired control of the brand in one of last year’s largest overseas consumer deals by Chinese investors.
The agreement was formally signed at Hangzhou’s “Fortunate Meeting Hangzhou” investment and entrepreneurial conference on May 18.
Late last year, HongShan—formerly known as Sequoia China—and Temasek Holdings acquired a controlling stake in Golden Goose from private-equity giant Permira in a deal valued at roughly 2.5 billion euros ($2.9 billion).
The acquisition ranked among the biggest purchases of a European consumer brand by Chinese capital in 2025.
HongShan partner Zou Jiajia said at the signing ceremony that Hangzhou’s digital economy ecosystem aligned closely with the brand’s push toward digital transformation, while the fast response from local capital and authorities helped accelerate the project.
The move also signals HongShan’s transition from a pure-play financial investor into a more hands-on China operator for global brands.
For Golden Goose, Greater China remains a relatively underpenetrated market. The Asia-Pacific region currently contributes about 13% of the group’s total revenue, market data shows.
By setting up operations in Hangzhou, the company aims to leverage the city’s strengths in e-commerce, supply chains and digital marketing, alongside policy support from Linping District, to deepen localized operations and expand distribution channels.
‘The Hangzhou speed’
The deal also underscored what local officials often call “Hangzhou speed.” Fewer than two months passed between Linping District’s initial project signing in late March and the formal unveiling at the city-level conference in May.
Known for its intentionally distressed “Super-Star” sneakers—featuring scuffed leather uppers and yellowed soles despite retail prices reaching 4,000-5,000 yuan ($588-$735) — Golden Goose has built a strong following among affluent younger consumers.
The brand has continued growing despite a broader slowdown in the luxury sector. Net revenue rose 15% in 2025 to 734 million euros, while direct-to-consumer sales climbed 21%, representing nearly 80% of total revenue.
As of the end of the third quarter of 2025, the company operated 227 directly managed stores globally, including 41 in China—meaning roughly one in every five stores is in China.
