Golden Goose Group posts 15% revenue growth in FY 2025

Golden Goose Group has reported full-year revenue of €734 million for fiscal year 2025, a 15 percent increase on the prior year at constant currency, driven by strong momentum in its direct-to-consumer (DTC) channel and broad-based regional growth.

The Italian luxury sneaker company, founded in Venice in 2000 and known for its distressed-finish Super-Star silhouette, published the results on March 2, 2026 following approval by its Board of Directors.

DTC becomes the dominant revenue engine

DTC net revenues grew 21 percent year on year and now account for 81 percent of total revenue, up from 77 percent in FY 2024. The shift reflects 17 net new store openings during the year, which brought the global network of Directly Operated Stores (DOS) to 232. New doors opened across Tokyo Ginza, Mumbai, Manila, London Mount Street, Naples and Ibiza.

The group reports that strong digital traffic and improved conversion rates contributed alongside physical retail to the DTC expansion – a pattern consistent with luxury brands that have invested heavily in owned retail over the past three years to protect margins and deepen customer relationships.

Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) reached €248.3 million, yielding a 34 percent margin. The company ended the year with cash of €94.4 million and a net leverage ratio of 2.6x.

All regions grow, with EMEA leading

All three geographic segments registered positive results. Europe, Middle East and Africa (EMEA) was the top performer, up 18 percent, followed by Asia-Pacific (APAC) at 17 percent. The Americas, which remains the group’s smallest region relative to its brand roots, grew 9 percent – a more measured pace that nonetheless extends a consistent growth trend.

The regional breadth matters strategically: Golden Goose is no longer a European niche brand but a globally distributed luxury business with meaningful exposure to high-growth Asian markets – precisely the logic behind the ownership change that closed in December 2025.

HSG takes majority stake as ownership restructures

In December 2025, HSG – the global investment firm formerly known as Sequoia Capital China – assumed a majority stake in Golden Goose. Singapore’s sovereign wealth fund Temasek joined as a minority shareholder. The previous majority owner, Permira, the London-based private equity firm that acquired Golden Goose in 2020, remains a strategic minority shareholder.

Marco Bizzarri, formerly Chief Executive Officer of Gucci and a Non-Executive Director on the Golden Goose board since 2022, is set to become Non-Executive Chairman under the new structure.

The ownership shake-up could reshape Golden Goose’s growth strategy. HSG’s track record points to a renewed push into Greater China and the wider APAC region – markets where demand for premium and luxury sportswear has held up even as the broader luxury sector cools. SGIE reported on the transaction when it was announced.

Product, culture and community: the brand’s operating model

Beyond financial metrics, the FY 2025 report highlights a series of brand investments that reinforce Golden Goose’s positioning as a “next generation luxury” company rooted in Italian craft but oriented toward contemporary lifestyle.

Two new sneaker models launched during the year – the True-Star and the Marathon Speed. The Super-Star, the brand’s heritage icon, was featured in a campaign with actress Jane Fonda, while the True-Star was spotlighted alongside Italian tennis player Jasmine Paolini, a Wimbledon finalist in 2024. The company also added sports ambassadors including tennis players Zizou Bergs and padel players Marta Ortega and Juan Lebrón – a roster that maps onto the high-engagement, premium-demographic sports the brand has been cultivating.

In Milan, the group opened the Golden Goose Arena, a padel and wellness facility in the CityLife district designed by Fabio Novembre Studio. The space is part of the brand’s wider effort to embed itself in community-led experiences – an approach that mirrors moves by luxury houses increasingly seeking physical presence beyond traditional retail.

A collaboration with Google Pixel brought Gemini artificial intelligence features into select Golden Goose stores, positioning the brand among a small group of luxury players experimenting with in-store AI.

On sustainability, Golden Goose received an ‘A’ rating from CDP (formerly the Carbon Disclosure Project) in both Climate Change and Supplier Engagement Assessment categories and was designated an ESG (environmental, social and governance) Leader by research firm Sustainalytics.