Italian luxury sneaker brand Golden Goose is attracting interest from the Chinese investment powerhouse HongShan. They aim to finalize a deal worth €2.5 billion before Christmas. This wouldn’t be the first venture into fashion for HongShan.
Founded in 2005 by Neil Shen and Zhang Fan, HongShan initially served as the Chinese investment division of Sequoia Capital, building a reputation through early investments in major tech innovators like Alibaba and JD.com. Their knack for spotting potential leaders in the market has set them apart in venture capital.
Independence in 2024
In 2023, Sequoia Capital restructured, resulting in HongShan standing alone. In July 2024, they successfully completed a funding round, raising €2.15 billion ($2.5 billion). This independence paved the way for HongShan to branch out globally, opening offices in London and, in 2025, in Tokyo. This move signifies a strategy that transcends China’s borders.
Initially focused on early-stage investments, HongShan now spans the entire funding spectrum—from seed capital to private equity and buyouts— across health, consumer goods, and public infrastructure. Diversifying their focus reflects their ambition to emerge as a global player capable of closing notable international deals. As evidence of their expansive vision, January 2025 saw HongShan acquiring a majority stake in the Anglo-Swedish audio brand Marshall Group for over $1 billion.
Track record in fashion
HongShan is making strides beyond Asia’s tech landscape by diversifying into fashion. Acquiring Golden Goose aligns with previous investments made by HongShan, even during its time as part of Sequoia Capital. Notably, in 2021, they acquired a majority stake in French label Ami Paris, facilitating its expansion into China through runway shows and launching pop-up stores. While Ami Paris is currently thriving, reports suggest that HongShan may soon consider divesting its stake.
HongShan also has interests in companies like Amer Sports, Ubras, Urban Revivo, Halara, Miracle Miles (which oversees several footwear brands), and has been a stakeholder in Shein since 2018. The key points regarding HongShan’s offer for Golden Goose lie in the brand’s valuation and the significance of entering the luxury segment. Currently, HongShan’s portfolio comprises over 1,500 names, including 140 unicorns and 160 listed companies.
