红杉中国25亿欧元收购Golden Goose：时尚并购潮下的战略棋局

Core Insights - The acquisition of Golden Goose by Sequoia China, valued at approximately €2.5 billion, marks a significant investment in the European luxury market and highlights the strategic shift of Chinese capital in global consumer brand mergers and acquisitions [1][2][9] Group 1: Transaction Logic - Sequoia China's acquisition of Golden Goose is part of its global expansion strategy, following its previous investment in the UK audio brand Marshall for approximately €1.1 billion [2][11] - Golden Goose has shown impressive growth, with revenues increasing from €266 million in 2020 to €655 million projected for the fiscal year 2024, indicating a strong financial performance [2][11] - The brand's revenue grew by 13% year-on-year in the first nine months of 2025, driven by a 21% increase in direct sales channels and ongoing store network expansion [3][12] Group 2: Brand Potential - Golden Goose is experiencing rapid global expansion, particularly in direct-to-consumer retail, with its store count increasing from 97 to 227 since 2019 [4][14] - The brand's positioning in the high-end sneaker market, with regular shoe prices ranging from ¥4,000 to ¥6,000 and collaborations exceeding ¥7,000, has attracted consumers seeking individuality and quality [4][14] - The brand's success reflects a trend towards the premiumization of sneakers, as it combines luxury aesthetics with lifestyle and sports elements, achieving growth even as traditional luxury brands face slowdowns [4][14] Group 3: Industry Background - The acquisition of Golden Goose is part of a broader trend in global consumer mergers and acquisitions, with significant activity in the footwear sector, where the total M&A value reached nearly $21 billion by September 2025 [7][16] - Factors driving M&A activity include increased consumer interest in health and outdoor activities, leading to growth in the outdoor and athletic apparel markets [7][17] - The current economic climate presents a "buying opportunity" for investors, as the consumer sector is seen as resilient and attractive during economic fluctuations [7][18]