The year ends with two significant financial transactions. The focus is on two Made-in-Italy brands: Etro and Golden Goose.
The latter goes to the Chinese company Hsg, an international venture capital and private equity company. Hsg acquires a majority stake in the group. At the same time, the global investment company Temasek and a fund managed by its wholly owned asset management company True Light Capital are taking a minority stake.
At Etro, however, a consortium of industrial investors is taking over the minority stake previously held by the Etro family. The consortium consists of the Turkish Rams Global, Mathias Facchini from Swinger International and the banker Giulio Gallazzi through the Sri Group. The takeover will take place in coordination with L Catterton. The private equity fund remains the majority shareholder and will continue to actively support the brand’s long-term growth strategy.
Both news come from last week and have a complex meaning for the “Made in Italy” seal of quality. This has already been criticized in recent months. The trigger was both several cases of exploitative undeclared work and structural problems that industry associations drew attention to. These call, among other things, for better protection and a stronger defense of Italian brands against the fast fashion industry.
Looking at the glass half full, the two transactions demonstrate the enduring appeal of Italian brands. Despite their different starting points, they underline the ability of designers and creative teams to create a long-lasting brand dream – and to further develop it through creativity and craftsmanship.
However, if you see the glass as half empty, the development is regrettable. The ownership structure of Made in Italy labels is changing increasingly and is increasingly crossing national borders. The history of such takeovers is long, and every year the list of Italian brands passing into European or Asian hands grows. At the same time, the number of founding families who no longer hold shares in the company that bears their name is increasing.
The history of Etro goes back to the late 1960s
Etro is a historic Italian brand – more specifically, a deeply Milanese one. It was founded in Milan in 1968 by Gerolamo “Gimmo” Etro. Born in Milan, he began his career as a manufacturer of high-quality fabrics. The stylistic turning point came in 1981, when he introduced the Paisley pattern: a teardrop-shaped design of Mesopotamian origin that became the brand’s distinctive visual identity.
The company expanded vertically in the 1980s and 1990s. First, leather goods were introduced, followed by the launch of the Home line and the debut of fragrances. Eventually, the ready-to-wear line became established under the leadership of Gimmo’s four children, Kean, Veronica, Jacopo and Ippolito.
For decades, Etro remained a purely family business. However, in order to meet the challenges of globalization and generational change, the family decided to take on a financial partner. In 2021, the private equity fund L Catterton, in which the luxury group LVMH and the Arnault family hold shares, acquired the majority of the shares.
The Etro family initially retained around 32.8 percent. With the transaction announced last week, the founding family is no longer involved in the company. The share of Gefin, the Etro family’s financial company, will be transferred to a consortium of investors consisting of Rams Global, Mathias Facchini of Swinger International and Giulio Gallazzi through the Sri Group. L Catterton remains the majority shareholder and will continue to actively support the brand’s long-term growth strategy. Rothschild & Co accompanied the transaction as advisor to the company and to the two shareholders Gefin and L Catterton.
Golden Goose was founded in Venice in 2000
The history of Golden Goose, however, “only” goes back to 2000. Golden Goose Deluxe Brand was founded in Venice by Alessandro Gallo and Francesca Rinaldo. The creative duo pursued the idea of combining Venetian craftsmanship with a street and distressed aesthetic. With the characteristic used look, they transformed the sneaker from a sports shoe into a luxury item.
In 2013, the Italian fund Dgpa took control of the brand. Two years later it was transferred to the Belgian fund Ergon Capital. In 2017, the company was taken over by the Carlyle Group for around 400 million euros. In 2020, Permira acquired the brand for almost 1.28 billion euros.
In June 2024, Golden Goose was about to go public on the Borsa Italiana, Euronext Milan. However, due to the volatility of the European markets, the project was postponed and became one of the most watched financial events of the year.
On December 19, Golden Goose Group SpA announced that Hsg would acquire a majority stake in the group. At the same time, Temasek and a fund managed by True Light Capital will take a minority stake.
Financial terms of the transaction were not disclosed. However, market sources put the value of the operation at around 2.5 billion euros. Completion is expected by summer 2026.
Silvio Campara will continue to lead the group as Chief Executive Officer (CEO), supported by the existing management team. Marco Bizzarri, currently a non-executive director of Golden Goose, will take over as non-executive chairman.
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