Dive Brief:

• Golden Goose — maker of footwear, apparel and accessories — reached the 500 million euros mark for fiscal year 2022, a 30% year-over-year increase and an 88% increase from 2020, per a company release sent to Retail Dive.
• Golden Goose reported that sales in the Americas grew by 169% since 2020, reflecting the biggest gains of any of the brand’s territories. Sales in Europe, the Middle East and Africa grew 81% since 2020, while sales in the Asia Pacific region grew 16% during the period.
• DTC sales of Golden Goose now account for 70% of the brand’s total revenue. Online sales grew 227% over the past 24 months.

Dive Insight:

According to the company, growth for Golden Goose was driven largely by the expansion and performance of the DTC channels in the Americas and Europe, the Middle East and Africa regions. The Americas sales reached 230.4 million euros, up 55% year over year, while the Europe, Middle East and Africa region had revenue of 193.1 million euros in 2022, a 33% increase over the prior year.

First launched in Venice in 2000, Golden Goose is known for its signature handmade artisanal Superstar sneakers that offer consumers a co-creation online experience that allows them to convey to a sneaker maker a unique added message or design.

“The incredible results we achieved in 2022 prove the value of our people in building long-term and sustainable visions,” CEO Silvio Campara said in a statement. “In 2023 we’ll keep on crafting our successes through new products launches, new places where to connect with communities and an innovative platform where to celebrate them.”

U.S. footwear sales are expected to stabilize over the next couple of years following pandemic-related volatility, according to a report from the NPD Group. The report predicts sales will grow at a pace of 1% through 2025 with unit sales improving in 2024. The timing bodes well for Golden Goose, a topline fashion product whose sneakers retail for $500 to over $800.

“In a market projected to remain steady at the topline level for the near term, the key growth opportunity for footwear brands in this environment will be taking market share,” Beth Goldstein, footwear and accessories analyst at NPD, said in the report. “Part of this strategy will involve keeping pace with the demands of consumers who have become more deliberate in their purchases. The other part will be navigating a channel landscape that is far from static.” 

Worldwide revenue for the luxury footwear market is expected to reach $29.15 billion in 2023 and grow annually through 2028 at a 4.02% clip, per Statista.

Golden Goose currently operates 180 stores around the world. It also opened three Forward Stores in 2022, including in Milan. The brick-and-mortar locations promise to give longer life to sneaker products from any brand by offering repairing, remaking, reselling and recycling services.

Golden Goose bought out its top supplier in 2022, Italian Fashion Team, as part of its commitment to preserving traditional craft and Italian artisanal excellence. Through the acquisition, Golden Goose is now able to use local talent in Puglia’s Salento footwear district to create approximately 40% of its total current product.