Golden Goose Margins, Sales Grow in First Half
With revenues climbing 21 percent in the period, chief executive officer Silvio Campara sees 2023 as "a great year" for the Italian company.
MILAN — After a 2022 chief executive officer Silvio Campara described as “unforgettable,” Golden Goose continued its upward trajectory in the first half of the year.
In the six months ended June 30, revenues rose 21 percent to 276.4 million euros compared with the same period last year. Compared with the first half of 2021, sales soared 65 percent.
The year 2023 “continues to show us the power of our brand and our community. We are opening new stores, new product lines, new ways of engaging with our customers and with that our Golden Goose family continues to grow,” Campara said. “Our sales are growing around the world and our customers are purchasing directly from us more than ever before. [The year] 2023, we have said, was about building on our success and our strategy continues to do just that. It is set to be a great year for Golden.”
The strong performance in the first half was attributed to its business strategy, insourcing its supply chain, focusing on further developing direct-to-consumer sales and expanding the brand's product and service offer.
This has also helped to grow profitability, with earnings before interest, taxes, depreciation and amortization margins increasing by 23 percent to 34.6 percent of sales in the first half. Golden Goose is gearing up to launch a bags line.
Direct-to-consumer sales accounted for 69 percent of the total in the first half, up 300 basis points year-on-year. There are more than 190 Golden Goose stores, including pop-ups, an increase of 10 units in the period.
All markets showed double-digit growth. Sales in the Americas, now the brand's largest market, increased 12 percent to 110.3 million euros and revenues in the Europe, Middle East and Africa region rose 24 percent to 109.5 million euros. Sales in the Asia Pacific area climbed 19 percent to 49.1 million euros. The company has been streamlining its wholesale channel in Asia Pacific, a process that was completed in 2022.
The direct online channel reported a 20 percent gain.
Campara has long voiced the brand's commitment to its handmade and artisanal tradition and in the fourth quarter last year, the company continued to invest in its vertical integration by acquiring its main supplier, Italian Fashion Team.
With this investment, about 40 percent of Golden Goose's total production was to be brought in-house and produced by local talent in Apulia's Salento footwear district. It also allowed the company to scale up production capacity for the next phase of growth and to oversee a large portion of the supply chain to ensure efficiency, sustainability, responsibility and transparency.
Last year, Golden Goose saw revenues climb 30 percent to 500.9 million euros.
Market sources in Milan said Golden Goose has been laying the foundations for an initial public offering, but the company declined to comment on Wednesday.
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.
Golden Goose ranked first in 2021 and second last year on the list of companies with the most potential to publicly list, according to Milan-based consultancy Pambianco Strategie di Impresa.
The company revealed its 2025 sustainability plan Forward Agenda last year. It is built around four pillars — innovation, the valuation of craft, care for the people and engagement with communities.
Forward builds upon Golden Goose's responsibility efforts, including Cradle-toCradle Certification for all new products, as well as raw material tracing.
Last year the brand opened three Forward Stores in Milan, New York and Dubai — the moniker attributed to a new store concept that embeds Golden Goose's repair, remake, resell and recycling services.
The company has been engaging with its community also through the Haus of Dreamers events, based on the Haus creative global platform. 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.