Permira is in advanced talks to sell Italian luxury sneaker brand Golden Goose to HongShan Capital Group, in a deal expected to value the company at more than €2.5bn ($3bn), Reuters reports.

The negotiations, first reported by Italian media, are ongoing, with both firms declining to comment. If completed, the deal would mark one of the largest consumer brand acquisitions by a Chinese investor in Europe this year.

Permira acquired Golden Goose in 2020 for around €1.3bn from Carlyle and has since expanded the Venice-based company’s international presence, particularly in Asia and the US. The brand, known for its deliberately scuffed sneakers priced above €500, reported €655m in revenue and €227m in adjusted EBITDA in 2024.

Golden Goose had previously planned to go public on the Milan Stock Exchange but postponed its IPO in 2024 due to unfavourable market conditions.

HongShan’s potential acquisition underscores the growing appetite among Chinese private equity firms for European consumer and luxury assets. The firm, which recently opened a London office, is broadening its global investment focus beyond technology into premium consumer brands.

HongShan manages over $50bn in assets and has invested globally across consumer, healthcare, and technology sectors. The deal would add to its growing portfolio of international consumer investments.

Earlier this year, Blue Pool Capital, backed by Alibaba co-founder Joe Tsai, acquired a 12% stake in Golden Goose, signalling strong Asian investor confidence in the brand’s long-term growth potential.

If finalised, the sale would mark a profitable exit for Permira, which more than doubled Golden Goose’s valuation since its 2020 buyout.

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