Golden Goose Revenue Up 16% to €583.3M as DTC Hits 82% of Sales

Golden Goose posted revenue of 583.3 million euros for the nine months ended Sept. 30, up 16 percent at constant exchange rates from 517.1 million euros a year earlier, with direct-to-consumer now accounting for 82 percent of the total at 479.9 million euros.

Third-quarter revenues climbed 17 percent to 203 million euros. Adjusted EBITDA rose 12 percent to 194.3 million euros, a margin of 33.3 percent on sales. Gross margin reached 446.2 million euros, up 14 percent, or 76.5 percent of revenue. Adjusted operating cash flow came in at 91.4 million euros, a 30 percent increase year on year.

The DTC channel grew 21 percent over the nine months. Wholesale, often the lagging sibling in luxury, added 8 percent growth in the third quarter.

Where the growth sits

All regions contributed. The Americas climbed 18 percent, lifted by 21 percent DTC growth. EMEA — contrary to much of the sector — rose 17 percent on a 23 percent DTC increase. Asia-Pacific gained 12 percent, with DTC there up 14 percent.

The company opened ten stores in the period, in Kuala Lumpur, Athens and Istanbul among other locations, bringing the fleet to 236 stores.

What does the store expansion change?

Chief executive officer Silvio Campara frames retail as community infrastructure rather than square footage. "Our performance in the first nine months of 2026 reflects the continued strength of Golden Goose's business model and brand," he said. "At a time when luxury consumers are becoming increasingly selective, it is clear that our unique approach, rooted in authenticity, craftsmanship and co-creation, continues to resonate."

He added: "Our stores are much more than places to shop: They are destinations where people come together, connect and create."

The operational expression of that claim is Arts & Crafts, a global workshop program Campara outlined to WWD in April. The Milan edition in September had customers working clay with specialized artisans. A new in-store event format, Golden Kids, launched in Dubai and Istanbul. A new Haus opened in Istanbul's Tersane District during Contemporary Istanbul.

Sports and licensing as channel plays

Golden Goose is also building physical assets outside conventional retail. Following the Milan multicourt padel center opened in October last year — a concept tied to brand ambassadors Marta Ortega, Juan Lebrón and Arturo Coello — the brand extended the format to China with the Xi'an SKP Arena. The nearly 18,000-square-foot space contains two open-air padel courts, indoor and outdoor fitness areas, wellness spaces, a retail store and a café.

In September, Swiss tennis player Belinda Bencic became global brand ambassador for the 2026-27 period. Last month brought a first-time collaboration with Disney, the Mickey & Friends collection.

The verdict

Founded in 2000 and built on the distressed Super-Star sneaker, Golden Goose now spans apparel and accessories, and the numbers suggest the model is compounding: double-digit growth in every region, a 76.5 percent gross margin, and cash generation rising faster than sales.

"As we look ahead, we remain confident in our strategy by continuing delivering sustainable long-term growth — focusing on craftsmanship, creativity and co-creation preserving the unique identity that define Golden Goose," Campara concluded.

Whether workshops and padel courts scale as efficiently as store openings remains the open question. For now, a 33.3 percent EBITDA margin buys considerable patience.