Fashion
Golden Goose’s $2,000 sneakers are a rare win for private equity
By
Bloomberg
Published
December 23, 2025
Golden Goose SpA is an Italian maker of distressed-looking sneakers that can set you back $2,000 for a crystal-studded pair. The more than €2.5 billion ($2.9 billion) price its private equity owner just snagged for the business is more opulent than shabby, too.
Permira’s sale to HSG, known formerly as Sequoia Capital China, with Singapore’s Temasek as a minority investor, is one of the few landmark exits from a troubled vintage of buyout deals struck as the world was emerging from the pandemic, just before interest rates spiked. The transaction- twice the size of Prada SpA’s purchase of Versace earlier this year- also comes at a time of depressed demand for luxury goods. The valuation may be less extravagant than what was mooted in an abandoned initial public offering 18 months ago, but the PE firm has roughly doubled the company’s value in five years.
It acquired most of Golden Goose from Carlyle for €1.3 billion in 2020. Investors balked at a €3 billion enterprise value in that doomed Milan IPO effort last year, pointing to the troubles of Dr Martens, another footwear company previously owned by Permira. A slowing market for top-end goods didn’t help after three years of blockbuster growth.
And yet, the worst luxury downturn since the financial crisis (excluding the pandemic) has been good for Golden Goose. As comfortably off but not superrich consumers reined in their spending, megabrands such as Louis Vuitton and Gucci went upmarket to follow the money.
As they concentrated on the 1%, they abandoned entry level products such as designer sneakers, leaving that market to Golden Goose. They also raised prices on shoes, handbags, and other core goods. The average cost of a basket of iconic luxury items in Europe rose by 54% between 2019 and the end of 2024, according to analysts at HSBC Holdings Plc.
For comparison, Golden Goose has lifted prices by just 4% over the past five years. That makes its sneakers, hardly a snip at an average price of €550 including customisation, look better value for money. The company increased sales from €266 million in 2020 to €655 million in 2024. Growth has continued this year, with sales up 13% in the first nine months and earnings before interest, tax, depreciation, and amortisation up 7%. Assuming similar momentum for the full year and a stable Ebitda margin, Golden Goose could generate about €740 million of sales in 2025 and close to €250 million of Ebitda.
The price equates to about 10 times Ebitda, a discount to Moncler SpA’s 13 times and Birkenstock Holding Plc’s 11 times, but still at least a doubling of Permira’s equity value. The firm will stay as a minority investor.
HSG previously backed Labubu maker Pop Mart International Group Ltd., TikTok owner ByteDance Co Ltd. and Chinese social media platform Red Note, so expansion will likely be focused on Asia. Golden Goose makes only 12% of its sales in the region, with just 7% in China, far less than most luxury brands. About half its sales are in the Americas; the rest in Europe and the Middle East.
There is clearly more to go for in China. With Gucci handbags and Chanel pumps no longer so prized, there is appetite for quirky items that connect emotionally with young shoppers. Take Crocs Inc.’s clogs, which can be customised with charms. They have become a hit with the country’s Gen Z consumers. That bodes well for Golden Goose.
Sneakers account for 90% of the company’s sales, so there’s room to diversify. Bags and clothing, which can also be personalised, are other opportunities in the US as well as China. Temasek’s experience as an investor in Stone Island, Ermenegildo Zegna NV, and Moncler chairman Remo Ruffini’s holding company should help. Ex-Gucci boss Marco Bizzarri will become chairman.
But hitting Golden Goose’s long-term target of lifting yearly sales to €1 billion won’t be easy. Although there are hopes that China’s luxury market is past the worst, any recovery will take time. And consumers there are more focused on sneakers that help them run faster or tackle more challenging hikes. Nike Inc. said recently that it was seen more as a casual fashion shoe brand, rather than a performance one, holding back sales and forcing it to discount prices.
Meanwhile, big luxury has decided it wants its middle-class customers back. Sneakers and similar goods will be key, bringing more competition.
If Golden Goose can successfully expand in China and become a broader lifestyle brand like Ralph Lauren Corp., its future will be far from scruffy. But given the travails of PE owners over the past couple of years, it’s not a bad time to take some money off the table.
Fashion
UK’s clothing imports fall 3% in Q1, sharply lower than Q4 2025
During the first quarter of ****, the UK’s imports of textile fabrics eased down *.** to £*,*** million (~$*,*** million), against £*,*** million in January-March **** but slightly higher from £*,*** million in the fourth quarter of ****. Its imports of fibre were noted at £** million (~$***.** million) steady as £** million in Q*, **** but slightly lower than £** million in Q*, ****.
During the third month of this year, the country’s clothing imports declined *.** per cent to £*.*** billion (~$*.*** billion), compared with £*.*** billion in March ****. But the inbound shipment was slightly higher month on month compared with £*.*** billion in February ****.
Fashion
Inflation cuts deep into consumer spending in Bangladesh: DCCI index
Higher rents, utility bills and fuel prices are eating away at already thin profit margins, it found.
High inflation is cutting deep into Bangladesh consumer spending, with weak demand turning one of the biggest concerns for businesses, DCCI said.
Higher rents, utility bills and fuel prices are eating away at already thin profit margins.
DCCI’s economic position index revealed that consumers have sharply reduced spending as the cost of living continues to rise.
SMEs are feeling the pressure the most.
The chamber’s economic position index (EPI) revealed that consumers have sharply reduced spending as the cost of living continues to rise, putting pressure on retailers, transport operators and other service providers.
Small and medium enterprises (SMEs) are feeling the pressure the most as they struggle to manage higher operating costs without losing customers.
Businesses also cited difficulties in obtaining bank loans, while delays in licensing and other regulatory procedures are adding to costs.
The DCCI report identified a shortage of skilled workers, particularly in technical and customer service roles, as another challenge for the sector.
The country’s inflation rose to 9.04 per cent in April from 8.71 per cent in March, according to official statistics.
Fibre2Fashion News Desk (DS)
Fashion
EU green mandates and the Vietnam T&A industry
With sustainability benchmarks rising, companies are rethinking how they produce and deliver, pivoting toward greener, more circular models that reduce waste, emissions, and resource use.
The stakes are high. In 2025, Vietnam’s exports to the EU reportedly reached $56.2 billion, up 10.1 per cent year on year, underscoring how pivotal Europe is for the country’s manufacturing base.
Vietnam’s textile and footwear exporters are accelerating sustainability efforts as stricter EU regulations reshape market access requirements.
Rising compliance pressure from measures such as CBAM and ESPR is pushing manufacturers toward circular production, cleaner technologies and greater supply-chain transparency, though limited green finance remains a major challenge for smaller firms.
The EU market, nevertheless, comes with its own challenges as access to this market increasingly depends on meeting strict environmental and product-design requirements.
The EU is rolling out an ambitious sustainability agenda, including the Carbon Border Adjustment Mechanism (CBAM) and the Ecodesign for Sustainable Products Regulation (ESPR). Together, these measures are changing what global suppliers must document, design, and decarbonise.
ESPR shifts expectations toward durability, repairability, and recyclability, while pushing manufacturers to reduce products’ overall environmental footprint. Supply chains are also expected to become more transparent through Digital Product Passports, and practices such as destroying unsold goods being phased out gradually.
For Vietnam’s exporters, compliance is becoming a baseline requirement to keep EU orders and remain competitive.
Recognising this, both the Government and industry players are stepping up. Vietnam’s long-term development strategy for textiles and footwear, which stretches to 2030 with a vision toward 2035, places sustainability at its core. The plan charts a path toward efficient, environmentally responsible growth anchored in a circular economy, where materials are reused, waste is minimised, and production cycles are closed rather than linear.
Crucially, it also provides a legal backbone to help businesses align with global sustainability trends.
On the ground, change is already underway. Textile and apparel manufacturers are investing in renewable energy, upgrading machinery, and fine-tuning production processes to cut emissions and resource use. These shifts are not just about compliance; they are about future-proofing operations in a market where green credentials increasingly determine who wins contracts.
However, the transition has not been entirely seamless. A key barrier seems to be access to green finance, especially for small and medium-sized enterprises. Large firms can more readily fund clean technologies and certification, while smaller suppliers often struggle to fund the shift, risking exclusion from high-value export markets if they cannot keep pace.
There is also a growing recognition that policy support needs to go further. As Vietnam leans into a circular economy, industry voices are calling for a more cohesive and comprehensive framework, one that not only sets clear standards for circular products but also actively incentivises recycling, cleaner production, and sustainable innovation.
Without this, progress risks being uneven, with smaller firms left behind.
Momentum is, nevertheless, building as manufacturers and policymakers push for better-aligned standards and support mechanisms. The goal is to narrow the gap between sustainability ambition and day-to-day implementation across the sector.
The aim is clear: create an ecosystem where businesses of all sizes can invest in circular solutions, strengthen their export capabilities, and meet the EU’s exacting standards head-on.
Fibre2Fashion News Desk (DR)
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