Italian luxury brand Golden Goose reported solid growth in the first quarter of 2024. The appointment of Marco Bizzarri, former CEO of Gucci, to the Board of Directors underlines the brand’s ambition for global expansion.
Luxury fashion brand Golden Goose announced encouraging results for the first quarter of 2024 on Tuesday, April 23, continuing its momentum after a successful 2023.
For the first quarter of this year, the group reported sales of 148 million euros, up 12% at constant exchange rates and 11% on a reported basis. It also reported a robust financial performance, with margins remaining high.
Direct sales to consumers rose significantly, recording growth of 20% at constant exchange rates and 18% on a reported basis.
This expansion is particularly notable in the EMEA region and the Americas, demonstrating strong demand for the brand’s products worldwide.
As a reminder, in 2023, the company’s sales totaled 587 million euros, representing an 18% increase on the 500.9 million euros of 2022.
Appointment to the Board of Directors
A major announcement accompanies these promising results: the appointment of Marco Bizzarri, former Chairman and CEO of Gucci, to the Golden Goose Board of Directors. This strategic decision reflects the brand’s desire to benefit from the expertise of a recognized luxury industry professional.
Marco Bizzarri is renowned for having led Gucci’s transformation, reinventing the brand’s retail and digital experience and reshaping all points of contact between the brand and its customers. Indeed, this has been reflected in the luxury brand’s sales, which have risen dramatically from €3.9 billion in 2015 to €9.9 billion in 2023.
“I’ve followed the Golden Goose story over the past ten years and I’m impressed by the unique culture, products and community they’ve managed to create on a global scale,” said Marco Bizzarri. “I’m very proud to be part of this family and to contribute to its future growth based on expansion into new categories, geographies and experiences.”
“Bizzarri’s world-class expertise and visionary approach to reinventing luxury are unparalleled. I am confident that he will make a timeless contribution to the brand,” added Silvio Campara, Chairman and CEO of Golden Goose Group.
Marco Bizzarri has also embarked on a new phase in his career as an investor and advisor. Through his holding company Nessifashion, he has recently invested in several companies, including the fashion brand Elisabetta Franchi.
In addition, he led the acquisition of a majority stake in Italian luxury interior design brand Visionnaire via FOREL, an advisory company of FARO Alternative Investments. This fund aims to support global companies with strong commercial potential in the fashion, luxury and design sectors.
Next IPO?
Golden Goose is best known for its popular Superstar sneakers and deliberately worn designs. In 2020, the brand was acquired by the Permira investment fund (linked to the Carlyle Europe Buyout Group), for a fixed sum of 1.28 billion euros.
Founded in 2000, the luxury brand has established itself on several continents, including America, Europe, the Middle East and the Asia-Pacific region, with a total of 191 points of sale. Of these, six are duty-free boutiques, 28 are shop-in-shops and 10 are direct sales outlets. In addition to its physical presence, the brand also offers online distribution.
Although no official date has yet been announced, the company appears to be actively preparing for a possible IPO, thereby strengthening its market position.
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Featured photo : © Golden Goose
