Golden Goose Group S.p.A., the Italy-based maker of luxury sneakers, apparel and accessories, is reporting that 2024 first half (H1) revenue through June 30 amounted to €307 million, up 12 percent year-over-year (y/y) on a constant-currency (cc) basis. Growth was said to be driven by the Direct-to-Consumer (DTC) channel, which posted growth of 18 percent y/y in EMEA and the Americas.
The company in June postponed its planned IPO on the Milan bourse because of what it referred to as market volatility arising from political uncertainty in Europe at the time, much of it due elections across Europe. Golden Goose, which was scheduled to be listed on June 21, said this was not the right environment to take the company public, citing market deterioration after the European parliamentary elections and the calling of snap general elections in France, according to reporting from Reuters.
DTC net revenues reached €226.8 million, accounting for 73 percent of total revenues in the first half on 18 percent year-over-year growth. DTC growth was said to be driven by a combination of “attractive new openings” and positive like-for-like performance.
“Our Directly Operated Stores (DOS) network exceeds 200 stores today, enriched by important new openings in Mexico City, Bangkok, Kuala Lumpur and Rome,” the company said in a media release. “Digital also performed strongly, thanks to positive traffic dynamics, confirming the strong digital affinity of the brand.”
Wholesale channel revenues were €74.6 million in H1, accounting for 24 percent of total net revenues in the period. This represented 5 percent y/y decline, said to be a result of “the strategic decision to continue upgrading the quality of the distribution network and the continued focus on keeping the channel clean, preserving the brand, and favoring OTC,” the company reported.
In terms of geographies, EMEA accounted for 48 percent of net revenues in the H1 period, the Americas accounted for 38 percent, and the APAC region accounted for 14 percent of the total.
The company pointed to a few product highlights in the first half, including Launch of new handbag collection in Neiman Marcus in Dallas, TX in April 2024 and extension of the co-creation approach to the category. Handbags are currently available in more than 20 Golden Goose stores and on the Golden Goose website.
Golden Goose also mentioned the launch of the new Younique hybrid format in Asia, which combines a cafe and a retail store, marking the expansion of the brand’s innovative CoCreation experience. Younique cafes are currently located in Bangkok, Nanjing, Seoul, and Xiamen.
Golden Goose said it continued to nurture the company’s Brand and Heritage through the opening of HAUS in Marghera (Venice). HAUS is said to be a space that celebrates the company’s history while setting the base for the future, and that contains an Academy for the sneaker makers of tomorrow, a space dedicated to product innovation, an archive to protect the company’s history and an exhibit area combining multiple disciplines and backgrounds.
Adjusted EBITDA for the first half amounted to €109.2 million, up 12 percent y/y versus the 2023 first half. Adjusted EBIT was €80.5 million, up 9 percent year-over-year.
Net leverage ratio was 2.3x at the end of the half, down 0.1x from December 2023 (down 0.3x pre-IF RS)
“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,” commented Silvio Campara, CEO, Golden Goose Group S.p.A.
Golden Goose describes itself as a Next Gen global luxury company founded on a passion for all things that are “perfectly imperfect,” authentic and unique. Founded in 2000, it said it operates at the intersection of luxury, lifestyle and sportswear.
Image courtesy Golden Goose Group S.p.A.
