China’s HongShan eyes $2.9 billion Golden Goose deal by Christmas

China’s HongShan Capital Group (HSG) has sent a 2.5 billion euro ($2.91 billion) offer to private equity Permira to buy Italian luxury sneaker maker Golden Goose, with the aim of signing the deal ⁠by Christmas, daily la Repubblica reported on Friday.

Details still need to be ⁠defined but the offer gives the luxury group an enterprise value of 10 times the core profit expected ‍by ‌the end of the year, debt included, ⁠the newspaper said. Golden Goose’s ‌revenues totalled 655 million euros in ‌2024, with an adjusted core profit of 227 million euros.

HSG has asked veteran fashion industry executive Marco Bizzarri to become Golden Goose’s ‍future chairman, la Repubblica said, adding that the Chinese private equity aims to expand Golden Goose’s ‌directly-managed ⁠stores, ​particularly in Asia, and plans to ⁠list ​the group in the medium-term.

Last year the Venice-based company, which sells sneakers for more ​than 500 euros a pair, shelved plans for an initial public offering ⁠on the Milan Bourse, ⁠citing market volatility caused by political uncertainty in Europe.