Companies

Golden Goose on an upward trajectory

Nov 29, 2023 Italy

The Italian-based luxury sneaker brand posted a 19% increase in revenue in the first nine months of 2023, as compared to the same period of 2022, with solid performances in all geographies

“Our performance today shows the power of our determination, innovation and ambition. In the first nine months of 2023, we have opened new stores around the world and continued to engage with our global community in new ways through initiatives such as the Haus of Dreamers. Against a backdrop of well-documented headwinds, the Golden Goose brand and community have really shown their resilience and are what will carry us from strength to strength in the future”, commented Chief Executive Officer Silvio Campara.

Nine Months Results

In the first nine months of the year, Golden Goose’s revenue reached 421 million US dollars, increasing by 19% and 60%, on a comparable basis to the same period of 2022 and 2021, respectively. The direct-to-consumer channel was responsible for 69% of these sales.

By region, in this nine-month period, the company’s sales rose by 27% in Europe, the Middle East and Africa (EMEA), by 9% in the Asia Pacific and by 7% in the Americas, as compared to a similar period of last year. Golden Goose detailed that the EMEA region accounted for 43% of total sales, followed by the Americas with 40% and the Asia Pacific with 17%.

Furthermore, as of the 30^th of September, the retail channel represented 55% of total sales, whereas the digital channel accounted for 16% and the wholesale channel for 29%.

Golden Goose’s profitability also improved in the first nine months of 2023, with its EBITDA margin widening to 34.8%.

The Italian-based company said as well that its leverage has been reduced to 2.6 times, despite the internalisation of the supply chain. Earlier this month, Golden Goose took full control of Sirio, one of its footwear suppliers, after acquiring a 30% stake in the company in 2022. The company continues thus to invest in the vertical integration of its supply chain, having also acquired its main supplier, Italian Fashion Team, last year.

Image Credits: coggles.com

Italy Companies Golden Goose Luxury Quarter Results Results Sneakers