Golden Goose Group S.p.A reported capitalizing on its unique market position and consumer-centric approach to deliver strong results in FY 2024.

Net revenues amounted to €654.6 million for the year, up 13 percent versus fiscal 2023. Growth accelerated in the fourth quarter, growing 14 percent year-over-year to €188.6 million.

All percentage changes are calculated at constant currency exchange rates.

Direct-to-Consumer (DTC) net revenues grew 18 percent year-over-year €503.6 million for full year 2024, accounting for 77 percent of total revenues in 2024. DTC growth was reportedly driven by a combination of “attractive new openings” and positive comp sales performance.

  • Retail drove DTC performance with 23 percent growth, supported by 24 net new store openings, high-single-digit comp sales growth and double-digit comp growth in Q4. Notable openings were in Mexico City, with the first retail concept being Haus, Nanjing, Bangkok, New Delhi, and Rome.
  • Golden Goose has stores in the Americas, Europe, the Middle East, and APAC, with 215 stores and a strong online and wholesale distribution.
  • Digital also reportedly performed strongly “thanks to positive traffic dynamics, confirming the outstanding digital affinity of the brand.”

Wholesale channel net revenues declined 4 percent to €138.3 million, accounting for 21 percent of total net revenues in the period. The company said the decline was 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 DTC.

From a regional standpoint, EMEA accounted for 48 percent of net revenues in the period. The Americas accounted for 40 percent and APAC for 12 percent.

“2024 has been a year of strong execution for Golden Goose, with double-digit growth underpinned by the continued success of our direct-to-consumer strategy and the strength of our unique brand and community,” offered Silvio Campara, CEO of Golden Goose Group. “Our ability to combine exceptional craftsmanship with immersive Co-Creation experiences has deepened the connection with our community across key geographies. As we look ahead to 2025, we remain focused on expanding our retail footprint, enriching our personalization offering, and advancing our sustainability initiatives, including further development of our Academy and repairing service. 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.”

Operational Highlights for 2024

  • Launched two new sneaker models. Lightstar debuted in China and Korea and is available online in select stores worldwide. The Forty2 presented for the first time at the Golden Goose Paris event and launched worldwide.
  • Unveiled Haus in Marghera, Venice, the new store contains the Academy, where it trains future generations of artisans, and the Manovia is for product innovation and repair.
  • Strengthened skateboarding and racket sports presence with two global brand ambassadors: Keegan Palmer, two-time Olympic gold medalist, skateboarding and padel star Arturo Coello.

Profitability
Adjusted EBITDA was up 14 percent for the year to €227.3 million. EBITDA margin was 34.7 percent of net revenue in 2024, up 70 basis points to 34.0 percent in 2023. Adjusted EBIT was up 9 percent year-over-year to €163.4 million.

Balance Sheet and Cash Management
Net leverage ratio was 2.4x (1.8x pre-IFRS). Cash position was €154 million at year-end.

Images courtesy Golden Goose Group S.p.A