Golden Goose Group S.p.A. just closed a defining half. The Italian luxury sneaker and accessories brand welcomed a new majority owner, opened stores from Athens to Beijing, and grew revenue 15 percent to 380.4 million euros in the six months ended June 30, with growth accelerating to 19 percent in the second quarter.
The direct-to-consumer engine keeps doing the heavy lifting
Direct-to-consumer sales, covering retail and digital, rose 22 percent to 309.6 million euros and now make up 81 percent of total revenue, up from 77 percent a year earlier. Retail did most of the work, helped by strong same-store performance and what the company called a “space effect” from stores opened in prior periods. Digital grew in the mid-teens.
Growth showed up everywhere, the details did not
Every region delivered double-digit growth. The Americas rose 18 percent, helped by 22 percent DTC growth. APAC grew 17 percent, with DTC up 19 percent. EMEA increased 14 percent despite what the company described as the effect of regional conflict in the Middle East. What the release does not say is how these regions compare in absolute size, so the relative weight each one carries in that 380.4 million euro total is still a guess.
| Golden Goose Group: 1H 2026 financial highlights | |||
| Six months ended June 30 (€ millions unless stated) | |||
| 1H 2026 | 1H 2025 | Change | |
| Net revenues | 380.4 | 342.1 | +11.2% |
| DTC net revenues* | 309.6 | 263.4* | +17.5% |
| DTC share of total revenue | 81% | 77% | +4 pts |
| Wholesale net revenues* | 72.3* | 78.7* | -8.1% |
| Gross margin | 75.8% | – | – |
| Adjusted EBITDA | 122.9 | 113.0 | +8.8% |
| Adjusted EBITDA margin | 32.3% | 33.0% | -0.7 pts |
| Adjusted operating cash flow | 46.3 | – | – |
| Cash position (period end) | 86.8 | 126.0 | -31.1% |
| Net leverage ratio (period end) | 2.7x | 2.4x | +0.3x |
| Directly operated stores (DOS) | 230 | 225 | +5 stores |
Source: Golden Goose Group S.p.A. 1H 2026 results press release, Sept. 14, 2026, and 1H 2025 results press release, Sept. 3, 2025. All figures in € millions unless stated. Change is calculated from the absolute figures reported in each release. The company’s own headlines cite constant-currency growth of 15 percent for net revenues, 22 percent for DTC net revenues and 9 percent for Adjusted EBITDA in 1H 2026, all higher than the nominal changes shown here. *DTC and wholesale absolute figures for 1H 2025 were not disclosed in euros; they are calculated from the reported 77%/23% revenue split. Gross margin and Adjusted Operating Cash Flow were not disclosed in the 1H 2025 release.
A gap that reflects expansion plans
A brand growing revenue at 15 percent while its profit grows at 9 percent is not, on its own, a crisis. But it is worth explaining, especially for a company whose pitch to new owners rests on DTC economics. Gross profit rose 12 percent, keeping gross margin high at 75.8 percent, so the pressure sat further down the income statement, in costs the company did not break out.
The likeliest culprits are visible in the same release: new stores and formats in Athens, Rome, Istanbul and a renovated Beijing flagship, the first Younique Caffé outside Italy, in Milan, and a seasonal Frutteria Golden concept that started at Selfridges before moving to resort locations. Concepts like these build brand equity before they build margin. The ownership change that closed in the same quarter may have added its own one-off costs, though Golden Goose did not quantify them.
New owners, a familiar voice at the top
HSG officially became majority shareholder in June, joined by Temasek as a minority investor, with Permira staying on as a strategic shareholder. In the same statement, chief executive Silvio Campara pointed to a shift already underway in the retail model, saying the brand’s stores are turning “into places to gather and make products together” through the new Arts & Crafts workshop program launched during the half.
A brand settling in
The rest of the half’s news reads like a brand settling into its next chapter rather than reacting to one. Golden Goose completed the global rollout of its Marathon Speed sneaker, a year after limiting the launch to China and South Korea, added tennis players Gabriel Diallo and Dayana Yastremska as brand ambassadors, and marked its fifth straight year as a Top Employer in Italy. It also outlined a new Forward Agenda for 2026 to 2030, replacing a sustainability plan it said had already met most of its targets.
