红杉中国买了“小脏鞋”，马云或套现离场

Core Viewpoint - Sequoia China has finalized the acquisition of a controlling stake in Golden Goose, with Temasek and its subsidiary participating as minority shareholders, while the original shareholder Permira retains a minority stake. This investment aims to accelerate Golden Goose's global expansion [1][2]. Company Overview - Golden Goose, founded in 2000, is described as a global emerging fashion brand that blends luxury, lifestyle aesthetics, and sports style. The company is headquartered in Venice, Italy, and was co-founded by designers Alessandro Gallo and Francesca Rinaldo. Its signature product, the Super-Star sneaker, features a distinctive worn look and has gained popularity in the fashion community [3][4]. Financial Performance - In the latest fiscal quarter ending September 30, Golden Goose reported a net revenue increase of 13% year-over-year, reaching €517 million. The EMEA and APAC markets grew by 15%, while the Americas saw a 10% increase. Direct-to-consumer (DTC) net revenue rose by 21%, accounting for 79% of total revenue, driven by new store openings and double-digit same-store sales growth [5]. - Adjusted EBITDA for the first nine months increased by 7% to €173.6 million, with an EBITDA margin of 33.6% [5]. Strategic Initiatives - CEO Silvio Campara highlighted the brand's unique store expansion strategy, collaborations with influential ambassadors, and the launch of new sneaker models. The company has also established the Golden Goose Arena in Milan, which integrates sports, culture, and community [6]. - Golden Goose has attracted over 2 million members to its Dreamers community and operates 227 direct stores globally, reaching consumers through online and wholesale channels [6]. Market Context - The luxury goods market is experiencing fluctuations, with major brands like LVMH and Kering reporting declines in revenue. However, there are emerging opportunities, as seen with brands like Arc'teryx, which reported a 25.9% revenue increase in the first three quarters of the year [8][9]. - The market dynamics suggest that high-end consumers are shifting preferences, opting for brands like Arc'teryx and Golden Goose, which offer a better price-to-value ratio compared to traditional luxury brands [9]. Investment Outlook - Sequoia China's investment in Golden Goose reflects confidence in the growth potential of the consumer market, despite the challenges faced by the luxury sector. The partnership with Temasek, which has experience in the luxury market, may help address operational challenges [10].