A jump in acquisition debt leaves Golden Goose’s BB- credit rating intact. S&P expects steady deleveraging through 2027, backed by near-32% margins and reliable cash generation.
S&P Global Ratings has affirmed the ‘BB-’ long-term issuer credit rating of Golden Goose SpA with a stable outlook, maintaining its assessment of the Italian luxury sneaker brand’s creditworthiness as the company moves through a major ownership transition.
The rating action, published April 13, 2026, also covers the deal’s new corporate architecture. S&P assigned a ‘BB-’ issuer credit rating to GG12 SpA – the new parent entity of the restricted group – and a ‘BB-’ issue rating on the company’s proposed €880 million senior secured notes due 2033. A ‘3’ recovery rating accompanies the debt issuance, indicating 50 to 70 percent recovery prospects for creditors in a default scenario.
Acquisition debt rises sharply, but S&P sees a clear path down
The financing structure will push adjusted debt to earnings before interest, taxes, depreciation and amortization (EBITDA) from 3.1x at year-end 2025 to approximately 4.4x in 2026. S&P projects the ratio to ease toward 4.0x by 2027 as the business continues to generate cash.
That outlook rests on a strong growth record. Revenues climbed from €266 million in FY2020 to €655 million in FY2024, and momentum carried into 2025: in the nine months to September 2025, sales rose 13 percent year-on-year, with the DTC channel up 21 percent over the same period. Full-year 2025 revenue has not been publicly disclosed. Adjusted EBITDA margins reached nearly 32 percent by year-end 2025, according to S&P.
DTC at 81% of revenue gives S&P its confidence
Eight in every ten euros Golden Goose collects now flows through its own stores and digital channels. That concentration – 81 percent of 2025 revenue through direct-to-consumer (DTC) – is precisely what underpins S&P’s stable outlook: higher margins, greater pricing control and a more predictable cash profile than wholesale-dependent peers. The agency expects margins to hold in a 32 to 33 percent range, with free operating cash flow (FOCF) covering the cost of roughly 20 new store openings per year without the need for additional external financing.
