Luxury sneaker maker Golden Goose’s sales grew 13 percent to hit €654.6 million ($714 million) last year, the company said Wednesday.
The robust growth defied a broader luxury slowdown that has weighed on the sector in recent quarters. Private equity-backed Golden Goose is focusing on sustaining that growth momentum, rather than revisiting a plan to go public that was abruptly postponed last year, citing market volatility, CEO Silvio Campara said.
“It seems like the company’s getting stronger but the market is getting crazier,” Campara said.
Golden Goose took on fresh investment in January, when Blue Pool, a Hong Kong-based investment firm backed by Alibaba co-founder Joe Tsai, took a 12 percent stake. The majority of the Venice-based brand is still owned by private equity firm Permira.
Revenue growth in 2024 was driven by strong direct sales, supported by a number of new store openings, the company said. Direct-to-consumer sales increased 18 percent, helping to offset a small decline in wholesale revenue as the company streamlined its distribution network. Earnings Before Interest and Tax, a measure of operating profit, grew 9 percent in the year to €163.4 million.
The company is targeting more growth in 2025, supported by expansion into new markets and a focus on experiential retail that has helped it build a loyal and young customer base.
“The old world was focused on product; we are focused on people, on experience,” said Campara. “We want every customer to feel a part of this brand. The new scarcity is not in regards to having something, but being part of something.”
The executive said he was unfazed by the prospect of toughening market conditions as a result of growing trade tensions. The brand has already lined up manufacturing capacity in the US if needed, he added.
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Alibaba’s Tsai-Backed Firm Buys 12% of Italian Luxury Sneaker Maker Golden Goose
The investment comes after the maker of $600 a pair sneakers abruptly pulled plans for a stock market listing last year.
