HSG, formerly Sequoia Capital's China affiliate and now independent for geopolitical reasons, is led by renowned investor Neil Shen. The fund also recently took a majority stake in Swedish audio group Marshall.
Temasek, as well as its subsidiary True Light, also took a minority stake. Recall that Temasek is also a shareholder in sector brands such as Moncler and Zegna, the latter of which it doubled its stake in this summer.
Golden Goose, which is ranked amongst the 25 most anticipated IPOs according to MarketScreener in 2024 and 2025. A first attempt was aborted at the last minute in 2024. Permira now hails that decision with this sale, which values Golden Goose at almost double its purchase price.
The fund also recently sold a stake in Boats Group. According to the Financial Times, €12.6bn has been returned to investors over the past twelve months.
Golden Goose, the "golden goose," is on an excellent trajectory, with revenue rising from €266 million to €655m in the last fiscal year under Permira. In the first nine months of the current fiscal year, growth remained in double digits across all regions. Unlike many competitors, momentum in China remains positive.
The investor landscape reveals a collective intent to capitalize on the brand's potential. Carlyle, which sold its majority to Permira in 2020, is gradually reducing its stake but remains a shareholder. Shareholders are now mostly Asian: Temasek, the Singaporean fund, joined the buyers alongside HSG, while Blue Pool, a Hong Kong investment firm backed by Alibaba co-founder Joe Tsai, had already taken 12% of the capital at the start of 2025. Permira also retains a stake in this new setup.
The definitive documents of the transaction are expected to be disclosed in the third quarter of 2026, for those who wish to know more precisely the new shareholding structure.
