Golden Goose opens Beijing flagship, its largest in APAC

The Italian luxury sneaker brand Golden Goose opened its largest store in the Asia-Pacific region on April 15: a 475-square-metre flagship at Beijing’s Taikoo Li Sanlitun. The launch offers one of the earliest visible tests of the China-centred growth strategy that incoming majority investor HSG has made central to its acquisition thesis.

HSG’s bet on Golden Goose’s China potential

HSG — formerly Sequoia Capital China — agreed in December 2025 to acquire a controlling stake in Golden Goose from Permira. The deal is expected to close in the summer of 2026, pending regulatory approval, but its strategic rationale is already playing out on the ground.

For HSG, Golden Goose offers a foothold in the luxury lifestyle and sportswear segment, a category increasingly shaped by younger consumers worldwide. The firm’s deep familiarity with Chinese consumer markets gives it a clear edge, and expanding the brand’s presence across Asia sits at the heart of the investment case.

A Venetian workshop in Beijing… a replica with a touch of Las Vegas, but elegant

The Beijing store is conceived as a two-floor replica of the brand’s original HAUS headquarters in Marghera, Venice. The ground floor, named The Cobbler, recreates a traditional Venetian bottega with archive shelving, a co-creation table where customers work alongside in-house artists to personalise footwear, and a dedicated gifting area. A sculptural staircase — framed by the brand as a symbolic passage from Venice to Beijing — connects the two levels.

The upper floor extends the brand’s service proposition: a library-inspired space leads into a bespoke sneaker design area and a made-to-measure tailoring service. A private VIP lounge, complete with a vinyl listening room, anchors the top floor and is designed for the high-margin clientele that drives profitability in China’s luxury footwear category.

The numbers behind the expansion confidence

S&P’s April 13 rating action provides useful context for the pace of Golden Goose’s retail growth. The agency expects the brand to fund around 20 new store openings a year from its own cash generation, without needing additional external financing. That projection is based on revenues that rose from €266 million in 2020 to €734 million in 2025, direct-to-consumer (DTC) sales accounting for 81 percent of 2025 revenue, and adjusted EBITDA margins of nearly 32 percent.

The Beijing flagship — at roughly twice the size of a typical Golden Goose boutique — sits well within the brand’s stated growth cadence and adds to an existing Beijing footprint that already includes three boutiques at SKP Beijing, SKP South and SKP 3F.