Companies

Golden Goose posts double-digit growth

Apr 15, 2024 Italy

Ahead of its initial public offering (IPO), the Italian-based luxury brand, known for its Superstar sneakers and distressed styles, has posted an 18% year-on-year net sales growth in 2023

“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,” commented Silvio Campara, CEO of Golden Goose.

The company recorded revenue growth of 18% at constant exchange rates to 587 million euros in 2023, as compared to 500.9 million euros in the previous year. This result was mainly driven by the expansion and strong performance of the direct-to-consumer channel across geographies, although no market details were provided. Last year, Golden Goose opened 21 stores, bringing its total global store network to 191.

Golden Goose also reported that its adjusted operating profit rose 22% year-on-year to 149 million euros in the 12 months to the 31^st of December last year. Adjusted earnings before interest, tax, depreciation and amortisation also rose by 19% year-on-year to 200 million euros.

“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. 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”, Campara explained. In 2023, the company opened two new Forward stores, a format that offers a wider range of services including repair, resell and recycling. By the end of 2023, Golden Goose had five Forward stores worldwide.

The financial results come as the company’s owner Permira filed a new IPO last year, which could see it listed in Milan in 2024.

Image Credits: bloomberg.com

Italy Companies Golden Goose Luxury Results Sneakers Year Results