Golden Goose, revenues exceed 342 million (+13%). Europe and the Middle East shine

While luxury as a whole has a decidedly complicated year and a half behind it, there is no shortage of cases bucking the trend. Among them is Golden Goose, producer of high-end trainers, clothing and accessories, which closed the first half of the year with net revenues of €342.1 million, up 13% on the first half of last year. This growth was accentuated in the second quarter of the year, with net revenue up 14% compared to the same period in 2024, compared to +12% in Q1 year-on-year. Adjusted EBITDA was up 3 per cent to EUR 113 million, with a margin of 33 per cent.

All geographic regions recorded an increase in sales: the USA posted +8%, Asia-Pacific +9%, while the EMEA region was the best performer with an 18% year-on-year increase in revenues, rising to +26% in the direct channel. Driving sales as a whole was the direct-to-consumer channel, which posted +19% over the first half of 2024 and accounted for an increasing share of the business (from 73% in January-June 2024 to 77% in 2025).

The strengthening of this channel also involved expanding the global network of direct shops (Dos) to 225 by the end of H1 2025. There were 10 new openings in the half-year period, including Hyundai Jungdong, Singapore Paragon, Manila, Ibiza and at Venice Airport, plus a shop dedicated to the kids line in Dubai. In addition, Golden Goose focused on the development of innovative new concept stores such as the Golden 'Pescheria', a seasonal pop-up inspired by typical Mediterranean fishing villages, which after Forte dei Marmi was also made in the Hamptons, in the United States.

"In a complex macroeconomic environment, our performance in the first half of 2025 remains resilient reflecting the continued global resonance of the Golden Goose brand among its communities," commented Silvio Campara, Golden Goose's CEO, in a note. "We recorded double-digit and high-single-digit growth in all regions, expanding our presence with 10 innovative new store openings in strategic cultural locations. These results confirm the strength of the brand, the excellent innovation-oriented Dtc strategy and the ever-expanding Co-Creation. I want to thank our communities around the world, and the Golden Family, whose dedication and creativity bring our vision to life every day".

The half year ended with a cash position of EUR 126 million and a net leverage of 2.4x, down from 2.5x at the end of Q1.