Golden Goose Reports Q1 Sales Growth, Marco Bizzarri Joins Board
● The former president and CEO of Gucci is joining the company as it continues to perform, with sales in the first quarter that rose 11 percent driven by continued strong performance in the Europe, Middle East and Africa region and the Americas.
MILAN — Golden Goose is clearly putting its ducks — or sneakers — in a row.
While no official dates have been revealed about an expected initial public offering, Golden Goose appears to be taking steps to be ready for the Bourse.
The Italian company will reveal Tuesday that revenues continued to grow in the first quarter of the year, after a strong performance in 2023. On top of that, it is securing the advice of a savvy luxury industry professional, as former Gucci president and chief executive officer Marco Bizzarri is joining the board of directors.
Silvio Campara, CEO of Golden Goose Group, said proudly that Bizzarri's “world class expertise and visionary approach to reinventing luxury are unprecedented. I am sure he will give a timeless contribution to the brand.”
“I have been following the successful story of Golden Goose over the past 10 years, and I'm impressed with the unique culture, products and community they've been able to build on a global scale,” said Bizzarri. “I'm very proud to become part of this family and to contributing to their future growth built on expansion into new categories, geographies and experiences.”
Former Chanel global CEO Maureen Chiquet is also a member of the brand's board and was named chair of the company in 2020. Last year she also joined the Kering board.
In the first quarter of the year, the group reported revenues of 148 million euros, up 11 percent compared with the same period in 2023, while maintaining strong margins. At constant exchange rates, sales grew 12 percent.
In the period, the direct-to-consumer channel rose 18 percent, driven by continued strong performance in the Europe, Middle East and Africa region and the Americas. At constant exchange rates, revenues of this channel were up 20 percent. Last year Golden Goose opened 21 stores, bringing the total to 191 units at the end of 2023.
In 2023, the company registered sales of 587 million euros, an increase of 18 percent compared with 500.9 million euros in 2022.
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.
Bizzarri left Gucci in September last year, after successfully growing the brand's revenues to 9.9 billion euros in 2023 from 3.9 billion euros in 2015. As reported, the executive has been embracing a new phase of his career as an investor and adviser.
Through his Nessifashion holding Bizzarri bought a stake in fashion brand Elisabetta Franchi.
His first investment, leading FOREL with Mario Gardini as an advisory company to FARO Alternative Investments, is in design. FOREL has entered into an agreement on behalf of the FARO fund to acquire a majority stake in Italian luxury interior design brand Visionnaire (IPE Srl) from Apheon.
As reported, FOREL is supporting a sub-fund of the newly launched FARO Alternative Investments. As per its mission statement, the FARO Fashion, Luxury and Design sub-fund targets “global companies with strong brand recognition and high business potential.”
Bizzarri has also been an investor in Orienta since 2021, which specializes in investments in small- and medium-sized companies.
Over the weekend, Golden Goose unveiled its latest Haus of Dreamers, located in Marghera, Italy, the industrial port of Venice and where the company was founded in 2000. Haus of Dreamers is an all-encompassing cultural concept that has helped heighten global brand awareness with events in Paris and Los Angeles, for example, and was first launched in May last year.