一双被手工做旧、定价高昂的"小脏鞋"，正成为中国资本集团红杉拿下的又一块时尚拼图。 2025年底，红杉中国宣布将收购意大利时尚品牌Golden Goose集团（Golden Goose Group S.p.A.）的控股股权，淡马锡及其全资持有的资产管理公司淡明 资本旗下基金将作为少数股东共同参投，原控股股东Permira仍保留少数股权。 据公开信息显示，这笔交易金额达到25亿欧元（约合203亿元人民币），是2025年中资收购欧洲消费品牌金额最大的交易之一。 "小脏鞋"，图源Golden Goose官网 值得注意的是，在全球消费市场经历剧烈调整时期，中国资本正在竞逐买下全球消费品牌。 2025年，出现了多起中资收购国际消费品牌中国业务的案例。星巴克以40亿美元出售其中国业务60%的控股权给博裕资本，CPE源峰注资3.5亿美元拿下汉 堡王中国83%股份，成为绝对控股股东。 其他传出出售的品牌还有加拿大鹅、迪卡侬中国、哈根达斯中国、Costa咖啡等，而背后无一例外都有中国资本正在竞逐。 "市场上类似可交易标的至少有十几个，正在排队完成交易。"一位并购基金合伙人曾向媒体透露。 中国庞大的市场和消费人群，正为众多具有鲜 ...

Core Viewpoint - The article highlights the ongoing trend of mergers and acquisitions (M&A) in the consumer sector, emphasizing significant deals and the strategic movements of investment firms like Bain Capital in the Asian market [4][9]. Group 1: Recent M&A Activities - Bain Capital announced the acquisition of Andar's parent company, Echo Marketing, for a total consideration of 5000 billion KRW (approximately 2.4 billion RMB) [4]. - The acquisition will occur in two phases: first, Bain Capital will purchase 43.66% of shares for 2166 billion KRW (approximately 1 billion RMB), followed by a tender offer for the remaining 56.4% at a premium of 49.5% over the last closing price [5]. - Andar, known as the "Korean version of Lululemon," has seen its sales reach a historical high of 1358 billion KRW in the first half of 2025 [5]. Group 2: Market Trends and Insights - The consumer M&A landscape has been active, with notable transactions such as Sequoia China acquiring a controlling stake in the fashion brand Golden Goose, and Starbucks selling 60% of its China business for a total of $4 billion [9]. - The article notes that many high-quality companies are currently available at significant discounts due to market adjustments since 2022, making the current M&A environment attractive for investors [11]. - There is a growing sentiment among investors that the time for M&A in the Chinese market has arrived, driven by industry upgrades and increasing consolidation [10][11]. Group 3: Bain Capital's Strategy - Bain Capital has a history of successful investments in the consumer sector, including the acquisition of Canada Goose in 2013 for $250 million, which later saw a peak market value exceeding $7.8 billion [7]. - The firm also acquired a majority stake in the Japanese fashion and lifestyle group Mash for approximately 10 billion RMB, marking one of the largest PE acquisitions in Japan's fashion sector [7]. - Bain Capital's strategy appears to focus on identifying and capitalizing on undervalued assets in the consumer market, particularly in Asia [6][10].

孩子王的创始人汪建国曾多次创业，他的职业生涯起步于江苏省商业厅，1998年创立五星电器，2009年 又将目光投向当时的蓝海——母婴市场。实业之外，他还参与创立了知名投资机构云锋基金。 母婴赛道增速放缓后，汪建国提出"扩品类、扩赛道、扩业态"，2023年，斥资约16亿元完成对乐友国际 的全资控股；2025再以16.5亿元将丝域集团纳入麾下。至此，孩子王的自有品牌组合增至15个母婴童品 牌，另拥有2567家门店的头发护理品牌丝域。 孩子王拟A+H上市 2021年登陆A股创业板后，母婴零售龙头孩子王本月向港交所递交招股书，若顺利完成，将实现A+H两 地上市。 孩子王创立于2009年，近年发展迅速。招股书显示，截至2025年9月30日，其拥有1143家亲子家庭门 店，2024年母婴童业务GMV达到138亿元人民币。 布契拉提在上海举办典藏展 继去年威尼斯首展之后，意大利高级珠宝品牌布契拉提在上海带来"凝时之匠-布契拉提典藏展"，呈现 包括150件珠宝和100件银器在内的250件珍品，展期将持续至2026年1月5日。 展览始于"世代传承"展厅，四枚精美蝴蝶胸针分别由布契拉提家族四代成员Mario、Gianmaria、A ...

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 - Kering, the French luxury goods group, announced a phased acquisition of Italian jewelry manufacturer Raselli Franco Group, aiming for full ownership by 2032, marking a significant strategic move in the jewelry sector under CEO Luca de Meo [1] - The first phase of the transaction is set to complete in Q1 2026, with Kering acquiring 20% of Raselli Franco Group for approximately €115 million, valuing the company at around €575 million [1] - Raselli Franco Group, established in 1969 and headquartered in Valenza, Italy, is a long-term partner of Kering, covering the entire jewelry production chain from raw material sourcing to quality control [1] Group 2 - The luxury goods and fashion sector is witnessing capital movements, with private equity firms adjusting their stakes in high-end brands, reflecting a new trend in industry resource integration [2] - The Italian luxury sneaker brand Golden Goose has been sold by private equity firm Permira to Sequoia China, with the transaction amount undisclosed, while Temasek and True Light Capital will join as minority shareholders [3] - Golden Goose, founded in 2000 and known for its distressed-style sneakers, has seen its annual revenue grow from approximately €30 million in 2018 to €654.6 million in 2024 under CEO Silvio Campara, who will continue to lead the brand post-acquisition [3][4]

Group 1 - Investors remain interested in European brands despite a slowdown in the global luxury fashion industry, with ongoing large-scale mergers and acquisitions in the consumer sector [1] - Sequoia China has announced the acquisition of a controlling stake in the global fashion brand Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders [1] - Golden Goose has seen its revenue grow from €266 million in 2020 to €655 million in the fiscal year 2024, demonstrating strong and steady growth [2] Group 2 - Golden Goose has a history of close ties with the venture capital community, with several private equity firms having managed it over the years; the original shareholders will retain a minority stake post-transaction [4] - CEO Silvio Campara will continue to lead the company alongside the existing management team, while Marco Bizzarri, with extensive experience in luxury brands, will serve as non-executive chairman [4] - The Chinese market is crucial for the internationalization of consumer brands, with Golden Goose having opened its flagship store in Beijing in 2016, selling out its initial limited edition sneakers [5] Group 3 - The global consumer sector is experiencing a resurgence in mergers and acquisitions, with notable transactions including Sequoia China's acquisition of Marshall Group for €1.1 billion [5] - Temasek has doubled its stake in Italian fashion brand Ermenegildo Zegna, and other significant acquisitions include the purchase of Japanese jewelry brand Tasaki and high-end department store SKP [5] - The consumer sector is viewed as a good investment opportunity due to relatively low asset prices and strong cash flows, with many industry experts believing it has resilient, anti-cyclical characteristics [6]

Group 1 - Sequoia China has announced the acquisition of a controlling stake in Golden Goose Group, with Temasek and its wholly-owned asset management company participating as minority shareholders [1][2] - The acquisition aims to help Golden Goose preserve its Italian craftsmanship while accelerating its global expansion [1][3] - The current CEO, Silvio Campara, will continue in his role, supported by the existing leadership team, while Marco Bizzarri will serve as the non-executive chairman [2][3] Group 2 - Sequoia China and Temasek's investment reflects a strong strategic and cultural alignment with Golden Goose [2][3] - The partnership is expected to leverage their extensive investment experience in lifestyle and consumer technology brands to enhance Golden Goose's international presence [3][4] - The acquisition is seen as a significant move in a year marked by active consumer mergers and acquisitions, indicating a trend among top investment firms [1][11] Group 3 - Golden Goose has experienced substantial growth, with revenue increasing from €266 million in 2020 to an expected €655 million in the fiscal year 2024, maintaining a strong growth trajectory [9][10] - The brand has expanded its direct-to-consumer (DTC) channels significantly, with the number of global direct stores rising from 97 to 227 since 2019 [9][10] - The company has established a strong emotional connection with consumers through innovative projects and a diverse product matrix [9][10] Group 4 - The acquisition of Golden Goose marks the conclusion of a busy year for consumer mergers, with notable transactions including Starbucks' sale of a majority stake in its China business [11][12] - The current market conditions are viewed as favorable for acquisitions, with many companies seeking to adjust their strategic positions amid economic fluctuations [11][12] - There is a growing expectation for the emergence of numerous mid-sized and large merger funds in China, contributing to a healthier and more diverse industry ecosystem [12]

完成部分收购。 作者 I 杨继云 报道 I 投资界PEdaily 这是一次令人意外的联手。 春节期间，意大利高端运动鞋、服装和配饰品牌Gol d e n Go os e Gr o up S. p.A（黄金鹅， 简称"Go l de n Goos e "）宣布，已获得来自Bl ue Po o l Ca p it a l（蓝池资本）约1 2%的战略 股权投资。 蓝池资本，正是由蔡崇信联合发起设立的家族办公室，此次投资"小脏鞋"成为近期消费 领域又一标志性事件。 低调如蓝池资本，近来也愈见活跃。去年7月彭博社报道称，蓝池资本旗下最新一只基金 已筹集5亿美元（约合人民币35亿元）。 相比于蓝池资本，蔡崇信更为人熟知。被誉为阿里"财神爷"，蔡崇信一直是中国风投圈 的神话，早年弃百万年薪加入草根阿里，几度救阿里于水火，在告隐江湖后又临危受命出 Go l d e n Go o s e 标志性的 " 小脏鞋 " 成立于20 0 0年，Go l de n Goo s e在时尚界始终占有重要一席之地。标志性的"脏脏鞋"，做 旧感加上一颗不完整的五角星，成立至今收获一大批拥趸。一双售价动辄4 0 0 0元起的小 脏鞋，卖遍了全球。 ...