MILAN — Golden Goose closed 2025 on an upbeat note. In the 12 months ended Dec. 31, net revenues rose 15 percent to 734 million euros at constant currency, compared with 654.6 million euros in 2024.

Adjusted earnings before interest, taxes, depreciation and amortization rose 9.2 percent to 248.3 million euros, a margin of 34 percent on sales. This compares with 227.3 million euros in 2024.

In an interview, chief executive officer Silvio Campara attributed the constant growth of the company to its strategy of putting co-creation at the forefront. “This is what makes the difference. Customers are the protagonists of the [retail] experience, not spectators, and they return again and again because they recall that experience with pleasure, which leads to tremendous loyalty. We have built real relationships with our customers, who feel special, and our success still relies on word of mouth.”

He said the number of new customers has increased, and he contended that simply “celebrating a brand’s heritage and innovating it is no longer enough.” Gen Z, he pointed out, represents 40 percent of total customers.

“I believe this is only the beginning for Golden Goose,” he said touting the potential of the brand, noting that the growth was recorded across categories, with a strong double-digit increase in the ready-to-wear division.

In 2025, the direct-to-consumer channel was up 21 percent year-over-year, reaching 609.3 million euros compared with  503.6 million euros in 2024, and now representing 81 percent of total revenues. This was driven by 17 store openings in 2025 and by continued double-digit growth across regions. The  number of the group’s directly operated stores reached 232 at the end of last year. New locations include Tokyo Ginza, Mumbai, Manila, London Mount Street, Naples, and Ibiza.

The brand is available in 74 countries and Campara trumpeted the growth in all geographic markets. Sales in the Europe, Middle East and Africa region were up 18 percent. In the Asia-Pacific area, they rose 17 percent and the Americas grew 9 percent.

He expressed his concern for customers and partners in the Middle East and said he hoped that, “given the international interests at stakes,” the war would not be protracted. He believes that, after having dealt with the pandemic, the industry will be able to also manage this crisis.

The company closed the year with a cash position of 94.4 million euros, down 38.7 percent compared with 154 million euros, dented by the investments in its retail network.

In December international venture capital and private equity firm HSG acquired a majority stake in the group, with investment company Temasek and True Light Capital joining as minority investors.

Funds advised by Permira, as well as other existing shareholders including Carlyle, retained a minority investment in the group. Marco Bizzarri, a non-executive director on the Golden Goose board, is to become non-executive chairman upon the closing of the sale.

Golden Goose was established in 2000 and Permira acquired the company in 2020 from the Carlyle Europe buyout fund. 

In October, the company unveiled the Golden Goose Arena in Milan, designed by Novembre Studio, the architectural firm helmed by famed designer Fabio Novembre, a longtime brand collaborator and friend. Its futuristic shape is defined by a vessel-like structure decked in mirror-finish thermoregulatory polycarbonate, with the brand’s signature half-star logo standing out on top, and it is located in the heart of Milan’s CityLife district. The space features nine padel courts and immersive facilities and aims at fostering sports-leaning communities. This project is very much in sync with the brand’s community-driven approach and follows the appointment of padel aces Marta Ortega, Juan Lebrón, and Arturo Coello as global brand ambassadors.

Last year, tennis players Jasmine Paolini and  Zizou Bergs were also tapped as new sports ambassadors. The Wimbledon finalist Paolini appeared in a campaign for the new True-Star sneaker, while Jane Fonda promoted the Super-Star.

In November, Golden Goose unveiled a partnership with Google Pixel and Google’s Gemini AI, which added a high-tech, digital component to the co-creation program. In the Google-mediated iteration, customers have the opportunity to prompt the Gemini AI platform using Google Pixel devices, asking for ideas and suggestions on their co-created sneakers. The AI tool provides a digital rendering before Golden Goose’s artisans turn the sketch into a personalized item.