Goldman Sachs Group Inc., JPMorgan Chase & Co., and UBS Group AG are leading a debt financing deal backing a Chinese firm’s acquisition of Italian high-end sneaker producer Golden Goose Group SpA.
A display of custom Golden Goose sneakers – Photo courtesy of Golden Goose
The deal could total between €800 million to €900 million ($935 million to $1.05 billion) of debt and other lenders are expected to join the bank group, according to people familiar with the matter who asked not to be identified because the deal is private.
HSG, formerly known as Sequoia Capital China, agreed to buy the maker of $500 dollar distressed sneakers from private equity firm Permira Holdings LLP, in a deal said to value the company at slightly over €2.5 billion, Bloomberg reported in December.
The financing is expected to come in the form of high-yield bonds, possibly floating-rate notes, in line with Golden Goose’s previous debt, the people said.
It is due to launch for investors to buy toward the end of the first quarter, they added, and could attract global high-yield investors, including Asian funds, seeking to play in a high profile brand backed by an Asian owner, one of the people said.
Singapore-based investment firm Temasek Holdings Ltd will take a minority stake in Golden Goose, and Permira will also maintain a minority shareholding.
Representatives for Goldman Sachs, JPMorgan, UBS, and Permira declined to comment. Golden Goose, HSG and Temasek didn’t immediately reply to requests for comment.
The deal is one of the most prominent purchases of a European luxury brand by a Chinese buyer, and one of the biggest in the sector this year, ahead of Prada SpA’s roughly €1.25 billion acquisition of fashion house Versace.
AquascutumActive, the sportswear line of the historic British brand founded in 1851 by John Emary (now owned by China’s Shandong Ruyi Group), ended 2025 with turnover of €6 million (40% generated in Italy), up 66.7% on the previous year. Launched in 2023, the line was conceived by Rome-based company Icon, which holds the manufacturing and distribution licence.
Aquascutum Active, AW 2026-27
“We proposed to the parent company that we take this heritage brand into advanced sportswear by using technical fabrics, more modern fits, and high-performance, sustainable, non-animal padding,” explains Damiano Ferretti, owner of Icon, to FashionNetwork.com. “The collection includes outerwear, with both urban and sportier lines; our plan is to introduce professional sports apparel- football, for example- by creating a dedicated division. For now, the line is menswear only, but already 20% of our clientele is female, who appreciate our more genderless offerings; for SS 2027 we will introduce a dedicated womenswear capsule.”
Starting with a focus on outerwear, over time Aquascutum Active-whose production is split between the Mediterranean basin (Italy, Albania, Turkey, Tunisia) and China- has evolved increasingly towards a total look: the AW 2026-27 collection comprises 120 styles, 30% of which are outerwear. Positioned in the premium segment, prices range from €250 to €800 for jackets, €55 to €85 for T-shirts, and €80 to €130 for polo shirts.
“We aim for a premium segment but with competitive prices,” the entrepreneur notes. “Today we are in 450 upper-mid to high-end stores, 280 of them in Italy. Internationally, we are present in the UK, the Netherlands, Belgium, Germany, France, Spain, and Eastern Europe; within a couple of seasons we aim for full coverage of Europe. In addition, we are entering Japan and North America, and we have a direct e-commerce site operating worldwide, which accounts for 15% of sales and is growing rapidly.”
Aquascutum Active, AW 2026-27
From a stylistic perspective, starting with AW 2026-27 Aquascutum Active has begun a collaboration with Alessandro Pungetti, a leading figure in advanced sportswear, which is set to continue in the coming seasons. In addition, at Pitti Uomo 109 the brand is presenting a capsule with Societas, the label founded by Mirko Borsche, a designer recognised globally for redefining the relationship between football, fashion and visual culture.
The project draws on a creative universe deeply connected to English football, not as a mere sport but as a cultural phenomenon. As part of the collaboration, the trench coat- an emblem of Aquascutum Active- is reimagined through contemporary materials and construction: the silhouette meets a softshell bonded with fleece, creating a technical yet sophisticated garment designed for modern urban life; inside, custom heat-sealed seams carry the brand’s logotype as a hidden detail.
In addition, the historic Club Check is reinterpreted through a secondary colour palette of red, white, and navy, while the football shirt, a central element of the capsule, takes inspiration from England’s mid-1990s away kit: a contemporary reinterpretation filtered through the graphic rigour and visual sensibility of Aquascutum Active and Societas.
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Revenues at Italian luxury group Brunello Cucinelli rose 11.5% at constant exchange rates last year, in line with its most recent guidance, boosted by solid growth across all regions, and particularly in the Americas and in Asia.
Brunello Cucinelli is known for its Made in Italy designs
The cashmere brand, the first in the luxury sector to report 2025 preliminary sales, said on Monday its revenues rose to 1.41 billion euros ($1.65 billion) last year and reaffirmed that revenues would increase by 10% in 2026.
The company, which stands out in a luxury sector hit by slowing demand thanks to its focus on wealthier consumers, reported a 11.9% increase in turnover in the fourth quarter alone. Both the retail and wholesale channels contributed to the sales growth, though the latter at a more moderate pace.
In December, Cucinelli, whose cashmere jumpers can cost several thousand euros, raised its revenue growth forecast for 2025 to between 11% and 12% at constant exchange rates. The business has also recently confirmed its strong emphasis on the wholesale channel, seeing it as a good sales driver despite the challenging retail landscape.
As ever, Italy kicks off the AW 2026–27 menswear weeks with two unmissable fixtures for industry professionals: Pitti Uomo 109 (Florence, January 13–16) and Milano Fashion Week Uomo, scheduled for January16–20.
Under the winter theme ‘Motion’, 750 brands (47% from abroad) present their collections at the Fortezza da Basso, spread across the event’s five signature sections (Fantastic Classic, Futuro Maschile, Dynamic Attitude, Superstyling, and I Go Out). Greeting visitors at the Fortezza is ‘Ancient/New Site,’ an installation by French architect Marc Leschelier, occupying 1,700 square metres of the central piazza with 18 monoliths measuring 5 metres high, 3 metres wide, and 9 metres deep.
Among the season’s key innovations is the new HiBeauty area, dedicated to niche perfumery; drawing on Pitti Fragranze’s expertise, it hosts a selection of 10 independent brands within the Futuro Maschile section. Also debuting is a strategic partnership between Pitti Immagine and Hyperscout, aimed at bringing AI-based matchmaking and profiling tools into the fair’s ecosystem from this edition onwards.
French architect Marc Leschelier’s ‘Ancient/New Site’ installation welcomes visitors to the Fortezza da Basso
The Florentine fair features 43 new and returning names, including Save the Duck, Berwich, Bogner, Final Draft, Gabriel Stunz, Glenover, Hestra, Hippy Realisti, Inis Meáin Ireland, Jott, Mackie, Mallet, Santha, Snow Peak, Wyeth, Bareen, Alpe Piano, and Taakk. Notably, the Franco-German designer Gabriel Stunz, fresh from Paris Fashion Week, brings his eponymous brand, founded in 2011, to Florence with a collection inspired by Manon Lescaut. WP Lavori in Corso hosts, at the Fortezza, the official launch of the Baracuta Donna collection, while Roy Roger’s and Kappa unveil a co-lab ski suit that fuses denim DNA with technical innovation. For Schneiders Salzburg, the historic Austrian loden brand with 80 years of history, Pitti Uomo marks the first step in a global relaunch, driven by its new owner, the Biella-based entrepreneur Giovanni Schneider. Japanese sports giant Asics chooses the Fortezza to present its new Asics Walking model, reinterpreting the classic shoe with a technical sole.
Japanese designer Soshi Otsuki, Guest Designer at Pitti Uomo 109.
Significant attention is reserved for the international guest designers: Japanese designer Soshi Otsuki stages a runway event for his brand, which blends Japanese style and Made in Italy craftsmanship, while Hed Mayner presents a show with his label, defined by a conceptual, architectural approach. In addition, Tokyo-based designer Shinyakozuka, known for his meticulous focus on form and proportion, takes centre stage with work often hand-painted or hand-finished, headlining the fair’s Special Event: a runway show in collaboration with the Japan Fashion Week Organisation.
The Far East is also the focus of two further highlights: Consinee, a Chinese leader in cashmere fibres and precious yarns, presents the site-specific installation ‘Echoes of Craft’, curated by Sara Sozzani Maino alongside Georgian designer Galib Gassanoff; while Sebiro Sampo, a Made in Japan project launched by a group of six leading Japanese menswear companies, stages, in collaboration with Vitale Barberis Canonico, Europe’s first ‘walk-show’, setting off from the Fortezza da Basso and continuing through the streets of Florence’s historic centre.
Japan is also represented by the seventh edition of J∞Quality, the project dedicated to high-quality Japanese apparel curated by the Japan Apparel and Fashion Industry Association (JAFIC), and, in the Hall of Nations, by the Japan Leather Showroom initiative led by the Japanese Ministry of Economy, Trade, and Industry. For the second time, CODE Korea returns to the Fortezza with a special spotlight on contemporary creativity in fashion, design and cultural experiences from South Korea, and Nordic menswear will also be on show thanks to the Scandinavian Manifesto area, coordinated by CIFF.
Hed Mayner, Guest Designer at Pitti Uomo 109.
Overlapping Pitti by one day, Milano Fashion Week Uomo opens the men’s catwalk season on January 16, with a total of 76 appointments: 18 physical and 7 digital fashion shows, 39 presentations, and 12 events.
The official runway calendar features Ralph Lauren, Domenico Orefice, and Victor Hart for the first time. In the digital fashion show calendar, Absent Findings, Ajabeng, Kente Gentlemen, Raimondi, State Of Chaos, and Subwae appear as new additions. Zegna and Dsquared2 return to the défilé calendar, with a show that will be followed by a party. As for the presentation schedule, there are seven new brands: Bottega Bernard, Dunhill, K-Way, Plās Collective, Moarno, Sagaboi, and Stone Island, while Ferragamo returns.
The leading names in Italian menswear are confirmed, including Brunello Cucinelli, Prada, Giorgio Armani, Corneliani, Tod’s, Brioni, Lardini, Kiton, Mordecai, and Montecore. Anniversaries being marked include Blauer’s 25th, Pronounce’s 10th, and Marcello Pipitone-Bonola’s fifth, while, in terms of events, EA7 Emporio Armani will celebrate the Milano Cortina 2026 Olympic and Paralympic Games in store, and K-Way will present, with Vogue and GQ, “Montagna Milano: The Alpine Club in Town,” a three-day public event featuring panels, workshops, and après-ski experiences.
The communications campaign, produced with the City of Milan and Yes Milano, also highlights new talent and the city’s emblematic locations, developing a narrative that includes collaboration with Milano Cortina 2026. Shot by photographer Alessandro Burzigotti, the campaign features the brands Ascend Beyond, Cascinelli, Federico Cina, Gams Note, Meriisi, Moarno, Mordecai, Mtl Studio, Noskra, Setchu, and Viapiave33.
Finally, once again for this edition, the Sozzani Foundation will serve as CNMI’s space during Men’s Fashion Week, with the aim of supporting and promoting the next generation of designers. The venue will host shows by Domenico Orefice and Simon Cracker, and presentations by Bottega Bernard, Maragno, Marcello Pipitone-Bonola, Moarno, Mtl Studio, Pecoranera, and Sagaboi.
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