Golden Goose Revenues Leap 18% In 2023, Driven by Its Own Stores
● While declining to comment, the company is said to be eyeing an IPO and to have tapped Lazard as an adviser.
MILAN — After a 2022 that chief executive officer Silvio Campara described as “unforgettable,” Golden Goose continued to grow in 2023 with revenues rising 18 percent at constant exchange rates to 587 million euros, compared with 500.9 million euros in 2022.
Growth was driven largely by the expansion and strong performance of the direct-to-consumer channel and across geographies, although no details were provided in terms of markets. Last year Golden Goose opened 21 stores, bringing the total to 191 units at the end of 2023.
Capital expenditures amounted to 38 million euros.
“Our strong performance in 2023 — growing double digits against a challenging macroeconomic backdrop — once again demonstrates the power of our brand and the value of our people who are essential to building our long-term and sustainable vision,” said Campara on Thursday, commenting on the results.
“Consumers are looking to connect with more than just a luxury product, they want a business that reflects their values and to be part of a community,” he continued. “At Golden Goose, we are pursuing a unique strategy, expanding our co-creation experiences and repairing products from any brand, as we celebrate everyone's story and uniqueness. I want to thank the entire Golden Goose family for their hard work and dedication. Together, we continue to grow our global community as we deliver the Golden dream to more people around the world every day.”
In the 12 months ended Dec. 31, adjusted earnings before interest, taxes, depreciation and amortization for nonrecurring items rose 19 percent to 200 million euros.
Adjusted operating profit climbed 22 percent to 149 million euros.
Golden Goose was established in 2000, and is best known for its successful Superstar sneakers and intentionally distressed styles. In 2020, the company was acquired by the private equity fund Permira from the Carlyle Europe Buyout fund. The price tag was pegged at 1.28 billion euros.
The company declined to provide information or comment about a potential sale or an initial public offering, although market sources in Milan say Golden Goose has tapped Lazard as an adviser and is said to be eyeing an IPO.
Campara, who joined the company as commercial director in 2013 and has become a main shareholder, is open to the idea of taking the company public, he said in Chengdu, China during the WWD x SKP Fashion & Beauty Global Summit in October last year. “We have always been owned by an investment fund, so technically, the relationship between dreaming and executing has always been quite strong and well executed,” Campara offered. “By going public, it will be simply to make this dream part available to a bigger audience.”
According to the 2023 “Le Quotabili” study by Milan-based consultancy Pambianco Strategie di Impresa, Golden Goose ranked third in the list of companies that have the economic, financial and positioning characteristics to be publicly listed in a time span of three to five years, regardless of whether a listing is in the plans of the firm.
Last year, Golden Goose's net debt, including leasing liabilities, totaled 479 million euros. The company's leverage has been reduced to 2 times, down from 2.5 times in 2022.
The company unveiled its 2025 sustainability plan Forward Agenda in 2022. It is built around four pillars — innovation, the valuation of craft, care for the people and engagement with communities. Golden Goose unveiled the first Forward Store in Milan in July 2022, a collaboration between its cobblers and customers.
Forward builds upon Golden Goose's responsibility efforts, including Cradle-to-Cradle Certification for all new products, as well as raw material tracing.
Two new Forward Stores opened in 2023, one in Miami, the second in the U.S., and one in Paris, the second in Europe. At the end of 2023, Golden Goose had five Forward Stores globally. The Forward Stores aim to give longer life to sneaker products from any brand by offering repairing, remaking, reselling and recycling services, promoting circularity and expanding the products' life cycle, reducing the environmental impact.
Campara has long voiced the brand's commitment to its handmade and artisanal tradition and in 2022 the company continued to invest in its vertical integration by acquiring its main supplier, Italian Fashion Team, in Apulia's Salento footwear district. Last year the company acquired the remaining 70 percent stake in one of its footwear suppliers, Sirio, following the acquisition of a minority stake of 30 percent in 2022. Together with the acquisition of Italian Fashion Team, Golden Goose makes about 50 percent of its annual footwear production internally, overseeing a large portion of the supply chain to ensure efficiency, sustainability, responsibility and transparency.
Golden Goose unveiled the creation of the Yatay Lab in Erba, Italy, a coaction platform committed to the research and development of circular materials and products that seeks to be scalable and sharable. This lab is a natural evolution of the partnership born in 2022 between Golden Goose, and Coronet Group, for the research and production of lowimpact materials.
The brand launched its latest sneaker model — the Marathon — in October 2023, alongside a new line of ready-to-wear and accessories.
In May last year, Golden Goose launched its Haus of Dreamers, an all-encompassing cultural concept that has helped heighten global brand awareness, bringing it to Paris Fashion Week last fall, staging a series of mini-takeovers in the French capital. In Paris, the brand celebrated the reopening of its flagship store on Rue des SaintsPères, after a renovation that expanded the store to 4,000 square feet, with 10 expansive windows and a repair bar.
The brand will continue its cultural drive with the opening of the Haus concept in Marghera, outside of Venice, which will be unveiled on April 19 during the upcoming Art Biennale.
The Haus of Dreamers events have been another way for the company to engage with its community. At the end of August, it presented the fourth collection, Dreamed By, with K-pop artist Sunmi, comprising 25 Venetian masks embellished with Swarovski crystals. A capsule included a loose polo with “Run After Your Dreams” spelled out on the back, and Marathon sneakers with a silver ripstop, red glittering details and Lurex laces.
Haus of Dreamers collections have also been launched with Suki Waterhouse, Quannah Chasinghorse, Dr. Woo and Fabio Novembre.