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In accordance with Article 13 of Law No. 104-12 on freedom of prices and competition and Article 10 of Decree No. 2-14-652 issued for its implementation, as amended and supplemented, the Competition Council makes available to the public the “operation summary” below, containing the information provided by the parties.
This information has been prepared by the notifying parties, who are solely responsible. Any inaccurate or distorted information contained therein does not in any way prejudge the Competition Council’s position on the proposed operation.
The publication of this press release does not attest to the completeness of the file provided for in Article 9 of Decree No. 2-14-652 issued for the implementation of Law No. 104-12 on freedom of prices and competition as amended and supplemented.
Names of the companies and groups involved:
- Indirect Acquirer of control No. 1: funds advised or managed by the company “HongShan Capital Advisors Limited”;
- Indirect Acquirer of control No. 2: the company “Rosa Investments Pte Ltd”;
- Direct Acquirer of control: the company “GG11 SpA”;
- The Target: the company “Golden Goose SpA” and its subsidiaries;
Nature of the operation
- Takeover
Economic sectors concerned
- Manufacturing and selling luxury products.
Deadline for interested third parties to submit their observations
- 10 days from the date of publication of this press release, i.e., March 16, 2026.
NON-CONFIDENTIAL SUMMARY OF THE OPERATION PROVIDED BY THE PARTIES
The Competition Council has received notification of an economic concentration project involving the acquisition by funds advised or managed by the company “HongShan Capital Advisors Limited” and the company “Rosa Investments Pte Ltd”, indirectly owned 100% by the company “Temasek Holdings (Private) Limited”, of the indirect joint control of the company “Golden Goose SpA” and its subsidiaries, through the indirect acquisition of approximately 51.97% by funds advised or managed by the company “HongShan Capital Advisors Limited” and 18.88% by the company “Temasek Holdings (Private) Limited” of the share capital of the company “GG11 SpA” and the voting rights attached thereto, which will in turn indirectly acquire 100% of the share capital of the company “Golden Goose SpA” and the voting rights attached thereto.
“HongShan Capital Advisors Limited” is a limited liability company under Hong Kong law, headquartered in Hong Kong. It is a venture capital and private equity company mainly active in China. The funds managed by “HongShan Capital Advisors Limited” make investments targeting the technology, health, and consumer sectors.
“Rosa Investments Pte Ltd” is an investment holding company under Singapore law, headquartered in Singapore, and indirectly owned 100% by the company “Temasek Holdings (Private) Limited”.
“Temasek Holdings (Private) Limited” is an investment company under Singapore law, headquartered in Singapore. With a global network of 13 offices, this company held a net portfolio value of 434 billion Singapore dollars as of March 31, 2025, mainly invested in Singapore and the rest of Asia. Its global portfolio covers a wide range of sectors: transportation and industry, financial services, telecommunications, media and technology, consumer goods and real estate, as well as life sciences and agribusiness.
“GG11 SpA” is an Italian joint-stock company, headquartered in Milan, Italy. It is a holding company indirectly owned 100% by funds advised or managed by “HongShan Capital Advisors Limited”, and which will indirectly hold 100% of the share capital of the company “Golden Goose SpA” and the voting rights attached thereto at the end of the operation.
“Golden Goose SpA” is an Italian joint-stock company, headquartered in Milan, Italy, specializing in the manufacturing and selling of clothing, shoes, and accessories.
Done in Rabat, March 5, 2026
