Golden Goose sales, margins grow in first half – WWD

MILAN – After a 2022 that CEO Silvio Campara described as “unforgettable,” Golden Goose continued its upward trend in the first half of the year.

In the six months to June 30, sales rose by 21 percent to 276.4 million euros compared to the same period last year. Compared to the first half of 2021, sales increased by 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 interacting with our customers, and with that our Golden Goose family continues to grow,” said Campara. “Our sales are growing worldwide and our customers are buying directly from us more than ever before. [The year] We said 2023 was about building on our success and our strategy continues to be about that. It’s going to be a great year for Golden.”

The strong performance in the first half was due to the company’s business strategy, which aimed to outsource its supply chain, focus on further developing direct-to-consumer sales and expand the brand’s product and service offering.

This also helped to increase profitability: Earnings before interest, taxes, depreciation and amortization rose by 23 percent to 34.6 percent of sales in the first half of the year. Golden Goose is preparing to launch a line of bags.

Direct sales to end consumers accounted for 69 percent of total sales in the first half, up 300 basis points year-over-year. There are more than 190 Golden Goose stores, including pop-up stores, an increase of 10 units during the period.

All markets recorded double-digit growth. Sales in America, now the brand’s largest market, rose by 12 percent to 110.3 million euros and sales in the Europe, Middle East and Africa region rose by 24 percent to 109.5 million euros. Sales in the Asia-Pacific region rose by 19 percent to 49.1 million euros. The company has optimized its wholesale channel in Asia Pacific, a process that was completed in 2022.

The direct online channel reported an increase of 20 percent.

Campara has long demonstrated the brand’s commitment to its handmade and artisanal heritage, and in the fourth quarter of last year the company further invested in its vertical integration through the acquisition of its main supplier, Italian Fashion Team.

This investment was intended to bring around 40 percent of Golden Goose’s total production in-house and produced by local talent in the Salento shoe district in Puglia. It also enabled the company to increase production capacity for the next phase of growth and monitor a large part of the supply chain to ensure efficiency, sustainability, responsibility and transparency.

Last year, Golden Goose’s sales rose by 30 percent to 500.9 million euros.

Market sources in Milan said Golden Goose has laid the groundwork for an initial public offering, but the company declined to comment on Wednesday.

Golden Goose was founded in 2000 and is best known for its successful superstardom sneakers and intentionally desperate styles. In 2020, the company was acquired by the private equity fund Permira from the Carlyle Europe buyout fund. The price was set at 1.28 billion euros.

Golden Goose ranked first in 2021 and second last year on the list of companies with the the greatest potential for a public listing, said the Milan-based consulting firm Pambianco Strategie di Impresa.

The company presented its “Forward Agenda” sustainability plan for 2025 last year. It is based on four pillars: innovation, appreciation of craftsmanship, care for people and community involvement.

Forward builds on Golden Goose’s stewardship efforts, including Cradle-to-Cradle certification for all new products and raw material traceability.

Last year, the brand opened three Forward stores in Milan, New York and Dubai – the nickname comes from a new store concept that includes Golden Goose’s repair, remake, resale and recycling services.

The company also engages with its community through the HAUS of Dreamers events, powered by HAUS’ creative global platform. At the end of August, it presented the fourth collection Dreamed By with K-pop artist Sunmi, consisting of 25 Venetian masks decorated with Swarovski crystals. One capsule included a loose polo shirt with “Run After Your Dreams” written on the back, as well as marathon sneakers with silver ripstop, red glitter details and lurex laces.

Sunmi wears Golden Goose

HAUS of Dreamers collections have also featured Suki Waterhouse, Quannah Chasinghorse, Dr. Woo and Fabio Novembre launched.