Golden Goose looks beyond sneakers
Italian luxury sneaker brand Golden Goose reported a 30% rise in revenue last year and sees scope for further growth by expanding beyond its core product range, according to CEO Silvio Campara said.
“We will keep on innovating our business, which is sneakers, but there will be something out of sneakers that is ready to be launched on the market,” he said. but would not be drawn on the new product range. Golden Goose’s sneakers are priced at more than €400 a pair.
Golden Goose has already diversified in recent years to sell clothing and accessories, with a focus on leather goods.
The group reported on Tuesday revenue of €501m for 2022, boosted by strong growth in the Americas, and the retail and online channels.
The Americas was the group’s fastest-growing market last year, with a 55% sales jump, followed by the Europe, Middle East and Africa region, where sales rose by a third. Momentum has been maintained.
“This year started very well through all the geographies,” Campara said.
He is confident that the group can increase its market share because Golden Goose raised its prices only slightly, with a total average increase of 5%-6% in three years, much less than its competitors.
“This helped Golden Goose to build a big trust with the customers,” he said.
The sneaker maker is planning to open another 20 stores this year, a similar pace to the year before, Campara said.
Golden Goose was acquired by private equity firm Permira from rival Carlyle in 2020 and the group was valued at €1.3bn, sources said at the time.
Last year, the group bought its top supplier, Italian Fashion Team, bringing in-house roughly 40% of its production.
“What we did last year is not going to be the last one ... for sure we have other acquisitions in the pipeline,” Campara said, referring to the supply chain.
This allowed the company to be flexible, to adapt to good and bad times, and to secure skilled people “which are very hard to find these days”.