Golden Goose Reaches Sales Benchmark of 500M Euros
MILAN — The year 2022 was “unforgettable” for Golden Goose, according to chief executive officer Silvio Campara.
In the 12 months ended Dec. 31, the Italian company saw its revenues climb 30 percent to 500.9 million euros, compared with 385.6 million euros in 2021. Compared with 2020, sales soared 88 percent.
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Growth was driven largely by the expansion and strong performance of direct-to-consumer channels in the Americas, now the largest and fastest-growing market, and in the Europe, Middle East and Africa region.
In light of this strong performance, Campara said “this is just the beginning. The incredible results we achieved in 2022 prove the value of our people in building long-term and sustainable visions. In 2023, we’ll keep on crafting our successes through new product launches, new places to connect with communities and an innovative platform” to celebrate them both.
Market sources in Milan said Golden Goose has been laying the foundations for an initial public offering, but the company declined to comment on Tuesday.
Golden Goose was established in 2000, and is best known for its successful Superstar sneakers and intentionally distressed styles. In 2020, the company was acquired by the private equity fund Permira from the Carlyle Europe Buyout fund. The price tag was pegged at 1.28 billion euros.
Golden Goose ranked first in 2021 and second last year on the list of companies with the most potential to publicly list, according to Milan-based consultancy Pambianco Strategie di Impresa.
In 2022, sales in the Americas amounted to 230.4 million euros, rising 55 percent compared with 2021 and 169 percent on 2020. The performance was lifted by the growth of the direct-to-consumer channels in the region, as well as the positive contribution of wholesale partners.
Revenues in the EMEA region rose 33 percent to 193.1 million euros compared with 2021. Compared with 2020, they soared 81 percent. Growth was mainly organic, driven by the retail and digital channels and supported by solid domestic demand and the rebound of tourism in the region.
Due to a streamlining of the wholesale channel which was completed in 2022, sales in Asia Pacific were down 4 percent to 82.4 million euros. Excluding the wholesale business, the direct-to-consumer channel grew by 10 percent. Following the gradual easing of the restrictions related to the pandemic in the second half of 2022, the company has reported encouraging signs of recovery.
Golden Goose has been investing in its retail channel, which registered an increase of 54 percent in sales to 251 million euros on 2021.
The company announced its 2025 sustainability plan Forward Agenda last year. It is built around four pillars — innovation, the valuation of craft, care for the people and engagement with communities. Golden Goose unveiled the first Forward Store in Milan last July, a collaboration between Golden Goose’s cobblers and customers.
Forward builds upon Golden Goose’s responsibility efforts, including Cradle-to-Cradle Certification for all new products, as well as raw material tracing.
The 5,600-square-foot circular unit in New York’s SoHo was the second Forward Store to open last year, followed by one in Dubai. The stores aim to give longer life to sneaker products from any brand by offering repairing, remaking, reselling and recycling services.
The SoHo store sits across two levels. The first floor houses an innovation lab and a shopping space for clothing, accessories and jewelry. The basement has been transformed into a repair atelier complete with industrial raw concrete floors, iron pillars and a mix of salvaged furniture and vintage-inspired sewing equipment.
Campara touted the brand’s co-creation experiences, and contended it was “the first luxury brand to offer repairing services on any brand’s product.”
In total, the company has more than 180 stores around the world, and the direct-to-consumer channels account for 70 percent of total sales.
In 2022, the digital channel generated sales of 100.4 million euros, up 56 percent on 2021, driven by the continued expansion of the e-commerce channel and marketplaces.
Golden Goose also reported a 100 percent year-on-year growth in customer retention globally and a 5 percent growth in average spending, signaling a growing community of customers.
Campara has long voiced the brand’s commitment to its handmade and artisanal tradition and in the fourth quarter last year, the company continued to invest in its vertical integration by acquiring its main supplier, Italian Fashion Team.
With this investment, approximately 40 percent of Golden Goose’s total production was to be brought in-house and produced by local talent in Apulia’s Salento footwear district. It also allowed the company to scale up production capacity for the next phase of growth and to oversee a large portion of the supply chain to ensure efficiency, sustainability, responsibility and transparency.
In December, Golden Goose teamed with Swarovski Creators Lab, to release an exclusive capsule collection.
The limited-edition range included two new versions of the Italian brand’s signature Super-Star sneakers. Inspired by the skate scene in Los Angeles and known for its artfully distressed appearance, the footwear style underwent a dazzling makeover after being covered in Swarovski crystals of different sizes and cuts.
Golden Goose was born out of the highly artisanal shoemaking district in the Veneto region. Campara said his mission is to preserve local craftsmanship with the creation of Fondamenta, the company’s creative hub, professional shoemaking school and academy that trains artisans at every stage of the manufacturing pipeline.
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