Companies

Strong first half for Golden Goose

Sep 11, 2024 Italy

The Italian-based luxury sneaker company has reported a strong first half performance, driven by continued growth in the DTC channel, particularly in EMEA and the Americas regions

“Our strong performance in the first half of 2024 reflects the sentimental link of the brand with our community of Dreamers, that we have strengthened through our experience-based approach”, commented Silvio Campara, Chief Executive of the group. “As we continue to expand our Direct-to-Consumer channel, enhancing our product offerings, and to foster deeper connections with our young, passionate and engaged community, I am incredibly proud of our Golden Family for their dedication and passion, which drive our ongoing success”, he concluded.

First Half Results

In the first half of 2024, the company’s net revenue reached 307 million euros, an increase of 12% on a comparable basis to the same period of last year.

The direct-to-consumer (DTC) channel contributed 226.8 million US dollars to Golden Goose’s first half revenue, reflecting an 18% growth over the same period of 2023, and accounting for 73% of the total net revenue. This was the result of a “combination of attractive new openings” (Mexico City, Bangkok, Kuala Lumpur and Rome) as well as a “positive life-for-like performance” and “positive traffic dynamics” in the digital channel.

The wholesale channel contributed the remaining 74.6 million US dollars, representing 24% of the total first half net revenue. In contrast to the DTC segment, this figure reflects a 5% decline, as compared to the first half of last year, “as a result of the strategic decision to continue upgrading the quality of the distribution network” and the continued focus on preserving the brand.

From a geographical point of view, the EMEA* region accounted for 8% of the total first half net revenue, the Americas region for 38% and the APAC** region for 14%.

At the end of June, Goose’s adjusted EBITDA was 109.2 million euros, an increase of 12% over the same period last year, and adjusted EBIT was 80.5 million euros, an increase of 9% over the same period last year.

*Europe, the Middle East and Africa ** Asia Pacific

Image Credits: reuters.com

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