HongShan Capital Group has made a €2.5bn ($2.91bn) offer to acquire luxury sneaker brand Golden Goose from Permira, aiming to secure a deal before Christmas, la Repubblica reported on Friday.

The proposed valuation equates to roughly ten times Golden Goose’s expected year-end core profit, including debt. The Venice-based brand, known for its €500-plus distressed sneakers, recorded €655m in revenue and €227m in adjusted core earnings in 2024.

HongShan has asked former Gucci chief executive Marco Bizzarri to become Golden Goose’s future chairman. The Chinese private equity group plans to expand the company’s directly operated retail network, with a particular focus on Asia, and is targeting a medium-term stock market listing once conditions improve.

Golden Goose abandoned an IPO in Milan last year, citing volatility linked to European political uncertainty. A sale to HongShan would represent one of the largest luxury fashion transactions of the year and a major exit for Permira, which has backed the brand during a period of rapid global growth.

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