Qatar's sovereign wealth fund is set to acquire a stake
There may still be room for maneuver within Golden Goose’s capital structure. According to reports by Il Corriere della Sera, Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), is reportedly on the verge of acquiring a minority stake (around 10%) in the Italian company. It would thus join Chinese giant Hongshan Capital (HSG), an international venture capital and private equity firm that, last December, acquired the majority stake in the group led by Silvio Campara from Permira.
Meanwhile, Temasek, a global investment firm, and a fund managed by its wholly-owned asset manager, True Light Capital, hold a minority stake. No rumors have surfaced regarding the seller’s true identity. Permira, the former majority shareholder, has retained a minority stake in the group.
An estimated valuation of €2.5 billion
According to rumors circulating in recent months, the sale agreement reportedly valued Golden Goose at €2.5 billion. Given this figure, Qia’s investment—again, according to the daily’s report—could be worth between 200 and 300 million euros. Golden Goose, Permira, and HSG have not commented.
Even after the deal with HSG was finalized, Silvio Campara continues to lead the group as CEO. Marco Bizzarri, for his part, recently became non-executive chairman.
Sustained growth and solid results in 2025
Meanwhile, the Venice-based company closed out 2025 with net revenue of 734 million euros, up 15% at constant exchange rates compared to the previous fiscal year. Specifically, sales through the direct-to-consumer channel increased by 21% year-over-year, accounting for 81% of total net revenue, driven by 17 new store openings during the year. In terms of key markets, the EMEA region grew by 18%, APAC by 17%, and the Americas by 9%.
Profitability is also positive: adjusted EBITDA stands at €248.3 million, with a margin of 34%. Cash flow, meanwhile, stands at €94.4 million.