Golden Goose Reports 13% Revenue Growth in 2024, Driven by Retail Expansion and DirecttoConsumer Success
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Golden Goose continued to grow in 2024, boosted by the strong performance of its retail channel and growth in its main markets, the Europe, Middle East and Africa region, and the U.S. In the 12 months ended Dec. 31, revenues rose 13 percent to 654.6 million euros compared with 587 million euros in 2023. Figures were provided at constant exchange rates. Growth accelerated in the final quarter in 2024, as sales increased 14 percent to 188.6 million euros compared with the same period in 2023. “[The year] 2024 has been a year of strong execution for Golden Goose, with double-digit growth underpinned by the continued success of our direct-to-consumer strategy and the strength of our unique brand and community,” said Silvio Campara, chief executive officer of the Golden Goose Group. You May Also Like Related Articles Fashion Scoops Golden Goose Turns Selfridges Corner Shop Into a Hearty Italian Antique Store Technology Luxury Tech Specialist Deda Stealth Buys AI Pricing Firm Competitoor Direct-to-consumer revenues climbed 18 percent to 503.6 million euros on 2023, accounting for 77 percent of the total. “Our ability to combine exceptional craftsmanship with immersive co-creation experiences has deepened the connection with our community across key geographies,” said Campara. Retail was up 23 percent, supported by 24 new store openings and high single-digit, like-for-like growth. In the last quarter, like-for-like sales were up double-digit. Key openings last year took place in Mexico City; Nanjing, China; Bangkok; New Delhi, and Rome. As of Sept. 30, the network of the brand’s directly operated stores totaled 208 units. In October, Golden Goose took its Haus concept to Mexico City, installing a cultural and brand-building space in the city’s La Roma neighborhood. That was the second such location after the brand unveiled its first Haus in Marghera, Italy, its hometown close to Venice, last September. The Haus in Marghera comprises the Academy, where the future generation of artisans is trained, and the Manovia, a place dedicated to product innovation and repairing, as part of its commitment to sustainability. The Europe, Middle East and Africa region showed 37 percent growth in the year, accounting for 48 percent of the total. The Americas were up 14 percent, representing 40 percent of the total. They were the top-performing geographies. Asia-Pacific represented 12 percent of the total. “As we look ahead to 2025, we remain focused on expanding our retail footprint, enriching our personalization offering, and advancing our sustainability initiatives, including the further development of our Academy and repairing service. With a strong finish to 2024, we are well positioned to continue delivering on our strategy and expand our brand in new geographies and communities,” Campara concluded. Last year, adjusted earnings before interest, taxes, depreciation and amortization climbed 14 percent to 227.3 million euros, representing a margin of 34.7 percent on sales. Adjusted operating profit rose 9 percent to 163.4 million euros. Wholesale revenues declined 4 percent to 138.3 million euros, accounting for 21 percent of the total. The decrease was the result of the strategic decision to continue upgrading the quality of the distribution network, favoring the DTC channel. Last year, Golden Goose launched two new sneaker models, the Lightstar that first debuted in China, Korea and online, and is now available in select stores worldwide, and the Forty2 presented for the first time at the Golden Goose Paris event and launched worldwide. The brand has also strengthened its presence in skateboarding and racket sports with two athletes as global brand ambassadors: the two-time Olympic gold medalist for skateboarding, Keegan Palmer, and padel star Arturo Coello. In February, Golden Goose tapped Jane Fonda to front the new campaign celebrating its Super-Star sneaker, which celebrates its 25th anniversary this year. Joining Fonda in the campaign are Palmer, Ossola, American restaurateur and entrepreneur Joe Bastianich, and fashion stylist Cristina Ehrlich. In January, Golden Goose welcomed a new minority investor, Blue Pool Capital. The Hong Kong-based family office set up by Joe Tsai, cofounder and chairman of the Alibaba Group, acquired a 12 percent stake in the Italian company. Funds advised by Permira will retain a majority investment in Golden Goose. Permira acquired a majority stake in the brand in 2020 to accelerate its growth through direct-to-consumer channels, in particular online and retail, and diversify its product assortment. At the time, Campara touted the expertise of Blue Pool and “their deep connections” in the U.S. and in the Asia-Pacific region, as well as “their impressive portfolio in sports investments,” which will contribute to “ push the boundaries of our dream.” The sale is a new development after the company delayed its initial public offering in June at the 11th hour due to European market volatility. In November, asked for an update, Campara said, “the process never finished for us, we continue to create value aligned with our investors, and when there will be the right market conditions, it will be an option that we will consider.” Last year, the net cash position stood at 154 million euros. Since 2020, Golden Goose has more than doubled its revenues and built a community of over 1.8 million customers.
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