Italy's Golden Goose posts 12% rise in first-quarter revenues
Italian luxury sneaker maker Golden Goose still sees a market listing as an excellent opportunity but rules out an initial public offering this year and is leaving the door open to M&A options, its CEO told Reuters on Wednesday.
"An IPO remains a very good opportunity", Chief Executive Officer Silvio Campara told Reuters in a phone interview, adding that at the moment market conditions do not make that possible.
The company, which private equity firm Permira bought in 2020, tried to list on the Milan bourse last year, but pulled the offering because of market volatility.
The company, which produces its 500 euros ($565) sneakers in Italy, sees a limited impact from U.S. tariffs.
"If you follow the first sale rule, tariffs are applied to production cost and not to the transfer price, so in our case the 20% tariffs will translate to a 4% impact", Campara said. He added that the U.S. represented roughly 40-45% of total revenue.
Within U.S. customs law, the first sale rule provides the possibility for companies to pay duties on the price paid at the original manufacturer, under certain conditions.
The U.S. has imposed a baseline 10% tariff on almost all countries, including Italy. It has lined up additional "reciprocal" tariffs if negotiations during a 90-day pause should fail.
Golden Goose reported a 12% rise in net revenues at constant exchange rates to 164.5 million euros in the first quarter, driven by a strong performance in the Europe, Middle East and Africa region, it said earlier on Wednesday.
The company added it had opened three new stores during the quarter, with direct-to-consumer net revenues reaching 76% of total net revenues.
Earlier this year Blue Pool, a Hong Kong-based investment firm backed by Alibaba co-founder Joe Tsai, bought a 12% stake in Golden Goose.
© Thomson Reuters 2025 All rights reserved.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Fashion Network
31 minutes ago
- Fashion Network
Authentic links with Chapters Brand Group for Rockport in UK and Ireland
has announced a new partnership with UK-based Chapters Brand Group with the British footwear distributor set to distribute Rockport men's and women's footwear across the UK and Ireland. Chapters' current portfolio includes brands such as Cat Footwear, Norda, Original Penguin, Bench, Lambretta, Osprey London and Kickers bags and clothing. Meanwhile global brand development and licensing platform Authentic controls and manages a vast range of brands, including Juicy Couture, Nine West, Brooks Brothers, Ted Baker and many more and operates a vast network of licenses around the world. In fact, Authentic owns more than 50 global brands, generating approximately $32 billion in annual retail sales. Henry Stupp, its president, lifestyle & entertainment EMEAI, said: 'Rockport is a brand with a strong heritage, global recognition and a loyal following. Chapters' deep understanding of the regional markets and expertise in brand building make them the ideal partner to establish Rockport's presence and unlock long-term growth across these important regions.' And Chapters MD Graeme Nichol added: 'There's a clear demand for footwear that combines everyday functionality with thoughtful design and Rockport delivers exactly that. The Umbwe is an iconic footwear classic, and we've stuck faithfully to the brand's original specifications, using Vibram soles, Hydroshield membranes, full moccasin construction, and sumptuous, buttery calf leathers to ensure comfort and quality remain at the forefront.'
Fashion Network
31 minutes ago
- Fashion Network
UK and US buyers snap up used Rolex and Patek Philippe ahead of tariffs
Watch enthusiasts snapped up used Rolex SA and Patek Philippe SA timepieces at the end of April, splashing out before possible tariffs from U.S. President Donald Trump. Watch dealer and trading platform Subdial typically records a surge in activity after customers receive their end-of-month paychecks. In April, post-payday trading volume jumped 160% above normal levels—well beyond the 112% average increase seen on previous paydays over the past year. The volume growth was particularly strong in the U.S. and UK, Christy Davis, founder of London-based Subdial, said in an interview. 'People heard about the tariffs and went, 'Oh shoot, let's buy now,'' Davis said. 'They waited for payday and then sales volumes just went through the roof.' The phenomenon echoed another trend seen in Switzerland, where watch exports jumped by nearly a fifth in April — with shipments to the U.S. more than doubling ahead of expanded tariffs threatened by Trump. Watches made from precious metals, steel and bimetallic materials — products also targeted by Trump — saw the most growth, according to the Federation of the Swiss Watch Industry. The U.S. jump was likely a one-off response by exporters seeking to avoid higher tariffs, rather than a structural increase in demand, Jean-Philippe Bertschy, an analyst at Vontobel, said in a note. Swiss watch exports fell 6.4% to the rest of the world in the month, continuing a weak start to the year. The secondary watch market has rebounded gradually since February's post-pandemic lows. Since reaching that nadir, the Bloomberg Subdial Watch Index has risen about 5.3% through late May, returning to levels last seen in October. It remains far from the levels it reached three years ago, when prices of used luxury watches surged as Covid lockdowns ended.
Fashion Network
an hour ago
- Fashion Network
Authentic links with Chapters Brand Group for Rockport in UK and Ireland
Authentic Brands Group has announced a new partnership with UK-based Chapters Brand Group with the British footwear distributor set to distribute Rockport men's and women's footwear across the UK and Ireland. Chapters' current portfolio includes brands such as Cat Footwear, Norda, Original Penguin, Bench, Lambretta, Osprey London and Kickers bags and clothing. Meanwhile global brand development and licensing platform Authentic controls and manages a vast range of brands, including Juicy Couture, Nine West, Brooks Brothers, Ted Baker and many more and operates a vast network of licenses around the world. In fact, Authentic owns more than 50 global brands, generating approximately $32 billion in annual retail sales. Henry Stupp, its president, lifestyle & entertainment EMEAI, said: 'Rockport is a brand with a strong heritage, global recognition and a loyal following. Chapters' deep understanding of the regional markets and expertise in brand building make them the ideal partner to establish Rockport's presence and unlock long-term growth across these important regions.' And Chapters MD Graeme Nichol added: 'There's a clear demand for footwear that combines everyday functionality with thoughtful design and Rockport delivers exactly that. The Umbwe is an iconic footwear classic, and we've stuck faithfully to the brand's original specifications, using Vibram soles, Hydroshield membranes, full moccasin construction, and sumptuous, buttery calf leathers to ensure comfort and quality remain at the forefront.'
