The artisanal sneaker brand saw revenues rise to 654.6 million euros, driven by strong direct-to-consumer sales and new retail locations.
Golden Goose, the luxury sneaker brand known for its artisanal design and unique marketing approach, celebrated significant growth in 2024, reporting a 13 percent increase in revenues to 654.6 million euros for the fiscal year ending December 31. This figure marks a notable rise from 587 million euros in the previous year, with the data reflecting constant exchange rates.
The year witnessed accelerated growth, particularly in the fourth quarter, where sales jumped 14 percent to reach 188.6 million euros compared to the same quarter in 2023. Silvio Campara, the chief executive officer of Golden Goose Group, characterized 2024 as a year of “strong execution,” emphasizing the success of the brand’s direct-to-consumer strategy and the engagement of their community. “Our ability to combine exceptional craftsmanship with immersive co-creation experiences, has deepened the connection with our community across key geographies,” Campara noted.
A pivotal contributor to this growth was the increase in direct-to-consumer revenues, which rose 18 percent to 503.6 million euros, accounting for 77 percent of total revenues. Retail sales were notably strong, climbing 23 percent, supported by 24 new store openings and high single-digit growth in stores’ same-location sales. The company’s retail footprint expanded to include key locations such as Mexico City, Nanjing, Bangkok, New Delhi, and Rome, bringing the total number of directly operated stores to 208 by September 30.
Golden Goose’s innovative initiatives also contributed to its success. In October, the brand launched its Haus concept in Mexico City, a cultural and experiential space designed to blend brand engagement with community involvement. This followed the debut of its first Haus in Marghera, Italy, which features an Academy for training artisans and a Manovia dedicated to product innovation and sustainability.
Regionally, the Europe, Middle East, and Africa markets experienced remarkable growth, up 37 percent and accounting for 48 percent of total revenues. The Americas saw a 14 percent increase, contributing 40 percent to the overall total, while Asia Pacific represented 12 percent.
Looking ahead to 2025, Golden Goose plans to continue expanding its retail presence, enhancing personalization offerings, and furthering its sustainability initiatives, including the development of its Academy and repair services. “With a strong finish to 2024, we are well positioned to continue delivering on our strategy and expand our brand in new geographies and communities,” Campara stated.
Financially, the company reported adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) up 14 percent to 227.3 million euros, reflecting a margin of 34.7 percent. Adjusted operating profit increased by 9 percent to 163.4 million euros. However, wholesale revenues decreased by 4 percent to 138.3 million euros, making up 21 percent of total revenues, a decline attributed to a strategic shift towards enhancing the quality of the distribution network and favoring direct-to-consumer channels.
In 2024, Golden Goose also introduced two new sneaker models—the Lightstar and the Forty2—expanding its product lineup as part of its market strategy. The brand has bolstered its presence in skateboarding and racket sports by signing athletes such as Olympic gold medalist Keegan Palmer and professional padel player Arturo Coello as global brand ambassadors.
Additionally, Golden Goose welcomed a new minority investor, Blue Pool Capital, which acquired a 12 percent stake in the company. The firm, established by Joe Tsai, co-founder and chairman of Alibaba Group, aims to leverage its expertise and connections to aid Golden Goose’s growth, particularly in the U.S. and Asia-Pacific markets.
Despite its successes, the company delayed its initial public offering earlier in June due to European market volatility. Campara remarked that while the public listing process was postponed, the company continues to generate value aligned with its investors, indicating that an IPO remains a future consideration when market conditions permit.
As of the latest report, Golden Goose holds a net cash position of 154 million euros and has successfully more than doubled its revenues since 2020 while building a customer community exceeding 1.8 million individuals.
Source: Noah Wire Services
