Blue Pool, a Hong Kong-based investment firm backed by Alibaba co-founder Joe Tsai, has bought a 12% stake in Italian luxury sneaker maker Golden Goose, the Venice-based brand said on Tuesday. The investment comes after the maker of $600 a pair sneakers abruptly pulled plans for a stock market listing last year.

Golden Goose, the maker of the Super-Star sneakers brand, said Hong Kong investment firm Blue Pool Capital acquired a minority stake, a move that is expected to support the Italian fashion company’s growth ambitions.

The Hong Kong-based family office set up by Joe Tsai, cofounder and chairman of the Alibaba Group, has acquired a 12 percent stake in the Italian company.