Companies

Golden Goose posts strong first half

Sep 18, 2023 Italy

The Italian-based luxury sneaker brand saw its revenue increase by 21% in the first half of the year, as compared to the same period in 2022, with all its markets showing double-digit growth

Silvio Campara, CEO of Golden Goose, said that 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.” “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”, he concluded (as quoted by Yahoo).

First Half Results

In the six months to the 30^th of June, the company's revenue reached 276.4 million euros, growing by 21% and 65%, on a comparable basis to the same period in 2022 and 2021, respectively.

This performance was driven by the commitment to insourcing the supply chain, as 40% of its production is made in-house following the acquisition of the Italian Fashion Team, and by the growth of the direct-to-consumer channel, which accounts for 69% of total revenue. Golden Goose is also investing in the internalisation and expansion of its product range, with the launch of a line of bags already planned.

In the Americas region, the brand's sales totalled 110.3 million euros in the first half of 2023, up by 12%, as compared to the first semester of last year. In Europe, the Middle East and Africa region, the luxury sneaker brand saw its sales increase by 24% to 109.5 million euros and in the Asia Pacific region by 19% to 49.1 million euros, year-over-year. It should be noted that the streamlining of the wholesale channel in the Asia Pacific was completed in 2022.

In sum, these results helped to grow the brand's profitability, with its EBITDA margin widening by 23% from the first semester of the previous year to 34.6% in the first half.

Image Credits: camarguefashion.com.au

Italy Footwear Golden Goose Luxury Results Sneakers