Golden Goose reports 10 percent revenue growth in Q1 driven by D2C channel

Italian luxury label Golden Goose has announced its financial results for the first quarter ended March 31, 2026, delivering strong growth across all regions. The group reported net revenues of 173.22 million euros (201 million dollars), representing a 10 percent increase compared to the first quarter of 2025. This performance was primarily powered by continued momentum in its direct-to-consumer (D2C) channel and the strength of its community-driven model.

The D2C channel remains the engine of growth for the group, with net revenues increasing 19 percent year-over-year (YoY). Retail was the key contributor to this performance, driven by double-digit like-for-like (LFL) performance and space effect, despite broader sector headwinds. The digital channel also performed strongly in the quarter, in line with retail. Consequently, D2C represented 81 percent of total revenues, up from 76 percent in the first quarter of 2025.

In contrast, total turnover in wholesale declined 16 percent due to a selective wholesale management strategy. This drop was driven by the time-shift of deliveries in Europe, the Middle East and Africa (EMEA), more complex market dynamics in the US wholesale channel and a strategic downsize of South Korean e-commerce retailers.

Regional performance led by Asia Pacific

Geographically, Golden Goose experienced strong growth across all regions. Asia Pacific (APAC) was the top-performing region during the quarter, growing 17 percent YoY. This growth was supported by a 20 percent increase in D2C revenues, double-digit LFL performance and space effect.

The Americas grew 14 percent YoY, supported by a 20 percent increase in D2C revenues, which was mainly driven by LFL performance. Meanwhile, the EMEA region recorded a 6 percent revenue growth. While D2C performance was strong in EMEA, sales in the Middle East were impacted by the conflict in Iran in March.

The global directly operated stores network of the group stood at 232 stores at the end of the first quarter of 2026. During the period, the brand expanded its retail experience through new openings, including the first Younique Caffé in Europe, located in Milan. It also launched the ‘Frutteria Golden’ takeover at Selfridges’ Corner Shop in London, opened a new flagship store in Athens featuring the same fruit-themed concept and re-opened the Beijing Taikoo Li South store, which is its biggest flagship store in APAC.

Balanced financial indicators and operational milestones

The group adjusted EBITDA reached 55.30 million euros, yielding a margin of 31.90 percent.

In terms of product development, the brand launched a new sneaker style globally, named the Marathon Speed, following an exclusive launch in China and South Korea in 2025. The company also expanded its brand ambassador community by appointing tennis players Gabriel Diallo and Dayana Yastremska for 2026.

Silvio Campara, chief executive officer of Golden Goose, commented: “It’s been a strong start to 2026 for Golden Goose, with clear momentum across the business. In the first quarter, we delivered ten % revenue growth, we achieved strong performance across every region through our Direct-to-Consumer channel, now representing 81% of total revenues and the engine of our success.”

Looking ahead, Campara added that the group remains focused on what makes the brand unique, highlighting co-creation, shared moments and personal authenticity. The company plans to strengthen its D2C model while continuing to expand its retail network and broaden experiential offerings.