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].

Group 1 - Sequoia China has finalized the acquisition of a controlling stake in Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders [1] - The acquisition indicates that Blue Pool Capital, associated with Alibaba's founders, has exited its remaining stake in Golden Goose [1] - Golden Goose is described as a luxury fashion brand that combines luxury aesthetics, lifestyle, and sports style, founded in 2000 in Venice, Italy [2] Group 2 - In the latest financial quarter ending September 30, Golden Goose reported a 13% year-on-year increase in net revenue to €517 million, with significant growth in EMEA and APAC markets [3] - Direct-to-consumer (DTC) revenue grew by 21% year-to-date, accounting for 79% of total revenue, driven by new store openings and strong same-store sales [3] - The adjusted EBITDA for the first nine months increased by 7% to €173.6 million, with an EBITDA margin of 33.6% [3] Group 3 - Golden Goose has attracted over 2 million members in its Dreamers community and operates 227 direct stores globally [4] - Sequoia China aims to accelerate Golden Goose's international expansion as a new generation global fashion brand while reinforcing its brand foundation [4] - Silvio Campara will continue as CEO, with Marco Bizzarri appointed as non-executive chairman [5] Group 4 - The luxury market is experiencing fluctuations, with major brands like LVMH and Kering reporting declines in revenue, indicating a challenging environment for high-end products [6] - However, there are opportunities in the market, as seen with brands like Arc'teryx, which reported a 25.9% revenue increase in the first three quarters [7] - The price positioning of brands like Arc'teryx and Golden Goose offers a more accessible option for consumers compared to traditional luxury brands [8] Group 5 - The capital market shows confidence in the story of brands like Arc'teryx, with significant returns for investors [9] - Sequoia China's investment in Golden Goose reflects a belief in the growth potential of the consumer market [10]

Group 1: Acquisition Details - Sequoia China has finalized the acquisition of a controlling stake in Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders [1] - The previous shareholders, Permira, will retain a minority stake in Golden Goose [1] - The acquisition is expected to accelerate Golden Goose's global expansion [1] Group 2: Company Background - Golden Goose was founded in 2000 and is described as a global emerging fashion brand that blends luxury, lifestyle aesthetics, and sports style [2] - The brand is headquartered in Venice, Italy, and was co-founded by designers Alessandro Gallo and Francesca Rinaldo [2] - The iconic Super-Star sneaker, launched in 2007, features a distinctive star pattern and a worn-out look, earning it the nickname "little dirty shoes" in the fashion community [2] Group 3: Financial Performance - For the latest fiscal quarter ending September 30, Golden Goose reported a 13% year-over-year increase in net revenue to €517 million [4] - The EMEA and APAC markets grew by 15%, while the Americas market grew by 10% [4] - Direct-to-consumer (DTC) net revenue increased by 21%, accounting for 79% of total net revenue [4] Group 4: Strategic Initiatives - CEO Silvio Campara highlighted the brand's unique store expansion and collaborations with influential endorsers to reshape the Super-Star series [5] - Golden Goose has attracted over 2 million members in its Dreamers community and operates 227 direct stores globally [5] - The brand aims to enhance co-creation and deepen connections with its growing community [5] Group 5: Market Context - The luxury market is experiencing fluctuations, with LVMH reporting a 4% decline in total revenue for Q3, while Gucci's parent company Kering saw a 10% drop [6] - In contrast, brands like Arc'teryx have shown significant growth, with a 25.9% revenue increase in the first three quarters of the year [7] - The high-end consumer market is shifting, with consumers opting for brands like Arc'teryx and Golden Goose over traditional luxury brands [8] Group 6: Investment Outlook - Sequoia China's investment in Golden Goose reflects confidence in the growth of the consumer market [10] - The collaboration with Temasek, which has experience in investing in luxury brands, may address operational challenges for Golden Goose [9]