At constant exchange rates, Golden Goose posted a 12 percent year-on-year increase in first-half net revenues to €307 million driven by its direct-to-consumer (DTC) business.
DTC net revenues grew 18 percent to €226.8 million, accounting for 73 percent of the top line, compared with 70 percent a year earlier, thanks to new store openings and a positive like-for-like performance. The group’s network of directly-operated stores (DOS) exceeds 200 stores following openings in Mexico City, Bangkok, Kuala Lumpur and Rome. “Digital also performed strongly, thanks to positive traffic dynamics, confirming the strong digital affinity of the brand,” Golden Goose said in a statement.
Meanwhile, the wholesale channel decreased by 5 percent to €74.6 million. The decline is the result of ”the strategic decision to continue upgrading the quality of the distribution network and the continued focus on keeping the channel clean, preserving the brand, and favoring DTC,” it explained.
The Italian brand of luxury sneakers, apparel and accessories achieved 48 percent of its net revenues in Europe, Middle East and Africa (EMEA), 38 percent in the Americas and 14 percent in Asia-Pacific. DTC sales in EMEA and the Americas were up by 18 percent year-on-year.
The first half was marked by the launch of a new handbag collection in April at the department chain Neiman Marcus in Dallas. Handbags are currently available in more than 20 Golden Goose stores and on the brand’s website. The company also launched the Younique hybrid store format, which combines a café and a retail store. Younique cafés are currently located in Bangkok, Nanjing, Seoul, and Xiamen.
Adjusted Ebitda grew by 12 percent to €109.2 million in the first half and adjusted Ebit advanced by 9 percent to €80.5 million.
Net leverage post-IFRS decreased to 2.3 times as of June 30 from 2.4 times at the end of 2023 and was down to 1.7 times pre-IFRS from 2.0 times.
“Our strong performance in the first half of 2024 reflects the sentimental link of the brand with our community of Dreamers, that we have strengthened through our experience-based approach,” commented Silvio Campara, the Chief Executive Officer.
