Core Viewpoint - Sequoia Capital has successfully acquired a majority stake in the Italian luxury sneaker brand Golden Goose for approximately €2.5 billion (around ¥20.6 billion), marking the largest acquisition by a Chinese investment institution in Europe this year [3][4]. Group 1: Acquisition Details - The acquisition was completed in collaboration with Temasek and its wholly-owned asset management company, which participated as minority shareholders [3]. - This transaction signifies Sequoia China's increasing focus on high-end consumer brands, transitioning from financial investments to controlling stakes [3][4]. - Sequoia's recent acquisitions include a majority stake in the French designer brand AMI Paris in 2021 and a 60% stake in the Korean brand WE11DONE in early 2022 [3][4]. Group 2: Golden Goose Overview - Golden Goose, founded in 2000 by designers Francesca Rinaldo and Alessandro Gallo, is considered a relatively young luxury brand, having established itself in the sneaker market with its Super-Star line in 2007 [7][8]. - The brand is known for its unique craftsmanship, with each sneaker taking over four hours to produce by hand, and it emphasizes a worn-in aesthetic that appeals to consumers seeking individuality [8][9]. - Despite a general downturn in the luxury market, Golden Goose reported a 13% increase in sales to €342.1 million in the first half of the fiscal year, with direct sales channels growing by 19% [9]. Group 3: Ownership History - Golden Goose has changed ownership multiple times, starting with a 75% stake acquisition by DGPA SGR SpA in 2013 for €45 million, which led to a strategic shift towards a direct-to-consumer model [11]. - The brand was sold to Ergon Capital Partners III and Zignano Holding SpA in 2015, and then to The Carlyle Group in 2017 for approximately €430 million [12]. - In 2020, Carlyle sold Golden Goose to Permira for about €1.3 billion, and under Permira's ownership, the brand continued its international expansion, particularly in Asia and the U.S. [13]. Group 4: Financial Performance and Future Plans - Golden Goose's revenue reached €655 million in 2024, with an adjusted EBITDA of €227 million, indicating strong financial performance [13]. - The brand had plans for an IPO in Milan with an estimated valuation between €1.7 billion and €2.4 billion, but these plans were postponed due to market conditions [14]. - Following the IPO setback, Golden Goose sought new buyers, leading to the recent acquisition by Sequoia Capital, which reflects a doubling of the brand's valuation within five years under Permira's ownership [14].