After a long slowdown phase, in 2025 i Chinese capitals have returned to move decisively on Western markets. However, the context is very different compared to ten years ago. The acquisitions they are no longer guided by the indiscriminate race for technologies and production capacities, but by a more selective strategy, focused on strong, recognizable brands with a consolidated history.
In this scenario, Italy continues to occupy a central position, thanks to the value of Made in Italy in the luxury, design, food and cosmetics sectors.
Why China invests in Italy
The main attraction factor for Chinese investors is the brand equity. Italian brands are perceived as synonymous with quality, authenticity and style, elements which in the Asian market justify higher prices and consequently high margins.
It’s not just about acquiring companies, it’s about owning identity capable of supporting growth in Chinese domestic consumption and strengthening the global positioning of purchasing groups.
In recent years this dynamic has also strengthened as a result of changes in the tastes of the Asian middle class, which is increasingly oriented towards symbolic productswith a recognizable story and a strong aspirational component. Italy, from this point of view, represents one of the countries with brands that are difficult to replicate.
Golden Goose, the symbolic case of 2025
The operation that most of all photographed the return of Chinese capital to Italy was the entry of hsg fund in the capital of Golden Goose.
The Venetian luxury sneaker brand was valued at approx 2.5 billion eurosbecoming the most significant M&A operation of the year in the fashion sector.
The acquisition of the majority share by Hsg, supported by Asian and international investors, confirms how value is no longer linked exclusively to production volumes, but to the brand’s ability to tell a story and maintain desirability on global markets. Golden Goose, born as an artisan business in Marghera, is today present in over twenty countries with hundreds of single-brand stores.
Bialetti and the value of industrial icons
Another key passage concerns Bialettia historic Italian brand linked to moka and domestic coffee. The negotiation with Nuo Capital, a fund attributable to the Cheng family of Hong Kong, marks a change of phase for a company that in recent years has faced financial difficulties and renovations.
Coffee has become a status symbol for the new Asian middle class and the control of an icon like the Italian mocha represents a strategic asset. The operation provides for the strengthening of the company’s capital and the repayment of part of the debt, with the exit from the stock exchange listings.
Beauty and health: the Foltène operation
Not just fashion and food. Also the beauty sector has entered the radar of Chinese investors. The acquisition of Foltène by Joy Group represents an important piece in the expansion strategy carried out by the company for a few years. The Italian brand, founded in Milan in the 1940s, is internationally recognized for its scientific research applied to hair health.
The operation included the entire global business, from the production assets to the research center in Italy, confirming the interest in consolidated skills and scientific reputation.
