April 4, 2023
30% YoY increase in revenue
88% revenue increase since FY2020
227% online sales growth over last 24 months
The Americas now the largest and fastest-growing market
“2022 was an unforgettable year. From becoming a €500 million company to expanding our co-creation experiences, to being the first luxury brand to offer repairing services on any brands product. But 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 products launches, new places where to connect with communities and an innovative platform where to celebrate them.” – Silvio Campara, CEO, Golden Goose.
Golden Goose S.p.A. (“Golden Goose” or “the Group”) has announced its full year results for the 12 months ended 31 December 2022.
Golden Goose recorded net revenue of €500.9 million in 2022, up 30% compared to 2021 and 88% compared to 2020. Growth was driven largely by the expansion and strong performance of the direct-to-consumer (DTC) channels in the Americas and EMEA.
The Americas was the Group’s biggest growing market in 2022. Sales reached €230.4 million, up 55% from 2021 and 169% from 2020. Strong performance was driven by the growth of DTC channels in the region as well as the positive contribution of wholesale partners.
EMEA revenues stood at €193.1 million, up 33% from 2021 and 81% from 2020. Growth was largely organic, driven by retail and digital channels and supported by solid domestic demand and the rebound of tourism in the region.
Due to strategic consolidation of the wholesale customer portfolio which was completed in 2022, Asia Pacific sales experienced a temporary reduction of 4% to €82.4 million. Excluding the wholesale business the DTC channel grew by 10%, demonstrating encouraging signs of recovery following the gradual easing of pandemic-related restrictions in the second half of 2022 and confirming the successful strategy of expansion into new countries.
The retail channel generated revenue of €251.0 million, an increase of 54% on 2021. Growth was distributed equally between the organic performance of the existing store network as of 2021 and the development and opening of new stores in 2022.
The digital channel generated sales of €100.4 million, up 56% on 2021, driven by the continued expansion of the e-commerce channel and marketplaces, including the consolidation of the platforms opened in 2022, and the excellent performance seen by the Group’s partners on their respective digital platforms.
DTC channels now account for 70% of total sales.
For over twenty years Golden Goose has been committed to its handmade and artisanal tradition. The Group continues to innovate to support the people behind these unique crafts and promote sustainable and responsible practices.
After announcing the Forward Agenda in March 2022, Golden Goose unveiled the first Forward Store in Milan – a co-action between Golden Goose’s cobblers and customers. Now in three locations worldwide, the Forward Store gives longer life to sneaker products from any brand by offering repairing, remaking, reselling and recycling services.
In Q4 2022 Golden Goose acquired its top supplier, Italian Fashion Team, as part of its commitment to preserve traditional craft and Italian artisanal excellence. With this investment approximately 40% of Golden Goose’s total current production will be brought in-house and produced by local talent in the Salento footwear district. It will also enable the Group 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.
Encouraged by its strong performance in 2022, Golden Goose has full confidence in the strength and flexibility of its business model and its long-term competitive position. Golden Goose will continue to invest in its brand, drawing on and remaining true to the founding values of the Golden Goose culture to achieve growth that is sustainable for the Group and for the community over the long-term.
ENDS
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Notes to editors
Born in 2000, in just a few years Golden Goose has become one of the most successful independent Italian brands of the last decade. Relying solely on Italian artisanal manufacturing, it has managed to make innovation and quality part of its recognisable traits. Golden Goose has an evenly distributed global footprint covering Asia, Europe, Middle East and America, with over 180 direct retail stores and strong online and wholesale distribution.
Please find below the link to download the FY 2022 Annual Financial Report
If you have any questions please contact the investor relations team at investors@goldengoose.com