Golden Goose powers ahead in Q1 with revenue up 10%, EBITDA margin at 31.9%; direct retail leads as wholesale slows

Golden Goose posted a strong first quarter. The Italian sneakers, apparel, and accessories group, positioned at the intersection of sportswear, luxury, and lifestyle and under Chinese ownership since 2025, recorded robust growth across all regions, powered by the continued strength of its Direct-to-Consumer (DTC) channel. Net revenue for the period amounted to €173.2 million, up 10% at constant currency compared with the first quarter of 2025. DTC sales rose 19% year on year, taking the channel to 81% of Golden Goose’s total revenue, up from 76% in the first quarter of 2025, fuelled by double-digit like-for-like growth, increased retail space, and further consolidation of the digital channel.

Wholesale underperformed, with revenue down 16%, owing to a temporary shift in delivery timing in EMEA, a more challenging wholesale environment in the United States and a strategic reduction in activity with South Korean e-commerce operators.

By geography, APAC stood out, up 17% year on year, supported by 20% growth in direct retail, double-digit like-for-like performance, and increased space; the Americas rose 14% (with DTC up 20%); and EMEA gained 6%, thanks to consolidation in direct retail, despite Middle East sales being affected by the conflict in Iran in March. Adjusted EBITDA was €55.3 million with a 31.9% margin, while cash on hand stood at €75.8 million.

The group’s global network of directly operated stores, with headquarters now in Milan but founded more than a quarter of a century ago in Marghera, in the province of Venice, reached 232 stores at the end of the first quarter of 2026. During the period under review, Golden Goose carried out new openings, immersive activations, and community-led concepts, including the opening of the first Younique Caffé in Europe, in Milan’s Brera district, complete with a listening bar; the launch of the “Frutteria Golden” store concept in the Corner Shop at Selfridges, London, an immersive pop-up inaugurated with an event focused on creativity, workshops, and community; the opening of a flagship store in Athens featuring the new “Frutteria Golden” concept; and the reopening of the Beijing Taikoo Li South store, the brand’s largest flagship in Asia-Pacific, inspired by HAUS Marghera, the hub of style, culture, and creativity that Golden Goose opened in 2024 in the Veneto town where it was founded.

Golden Goose noted that it has launched a new sneaker model, the “Marathon Speed,” globally, following an exclusive 2025 debut in China and South Korea; obtained Cradle to Cradle certification; and welcomed Canadian tennis player Gabriel Diallo and Ukrainian tennis player Dayana Yastremska as global brand ambassadors for 2026.

“The steady growth in revenue clearly reflects the strength of the brand and our community-centred model, which resonates with the new generation of luxury consumers,” said Silvio Campara, CEO of the Golden Goose Group. “Looking ahead, we remain focused on what makes Golden Goose truly ‘younique’: co-creation, shared moments, and personal authenticity, while strengthening our DTC model, expanding our retail network, and bringing the Golden Goose experience to the world through creativity and passion.”

Founded in 2000 by designers Alessandro Gallo and Francesca Rinaldo, Golden Goose has been majority-controlled since December 2025 by the Chinese fund HongShan, with Singaporean investment firm Temasek as a minority shareholder and Permira remaining a strategic partner. Following this €2.5 billion transaction, Marco Bizzarri was appointed non-executive chairman and now serves on the group’s board as a non-executive director. Golden Goose reported full-year 2025 revenue up 15%, to €734 million. The company currently has five offices (Milan, Marghera, New York, Seoul, and Shanghai) and two in-house production hubs (Italian Fashion Team in Casarano, in the province of Lecce, and the Sirio plant in the province of Caserta).