CASE STUDY
Golden Goose
Sector: Retail
Size: Large
Service: Outsourced Accounts
Italian luxury fashion brand Golden Goose is globally known for its iconic sneakers. The business was founded in Venice in 2000 by husband-and-wife duo Alessandro Gallo and Francesca Rinaldo; it has rapidly grown into a business with revenues of €385 million in 2021, operations across four continents, more than 100 company stores worldwide and a substantial online presence.
Private equity firm Carlyle acquired a majority stake in the company in 2017, which it subsequently sold to another private equity firm, Permira, in 2020 in a deal reported to be worth €1.28 billion.
What they needed help with
As part of its rapid global expansion, Golden Goose was expanding its operations into Australia via online retail and eventually opening stores in Australia. Being completely new to the Australian market, it needed a partner that:
- could guide it through the local rules and regulations governing businesses and employment in Australia
- it could rely on for day-to-day accounting and ensure compliance with its local and international legal and taxation obligations.
iKeep’s solution
In partnership with Hall Chadwick, iKeep provides a one-stop-shop for all of Golden Goose’s accounting and compliance needs via our Outsourced Accounts Package. This ensures there are no surprises for the company – a critical success factor for a complex global business like Golden Goose – and the size of our respective teams eliminates key person risk as well.
While Hall Chadwick takes care of Golden Goose’s annual tax return and obligations under international tax law – such as transfer pricing and double taxation questions – iKeep assists Golden Goose with all other local obligations, including:
- Selecting and configuring Xero as the chosen cloud-based accounting software
- Setting up point of sale systems and equipment, and connecting it to Xero
- Selecting and setting up a cloud-based rostering, attendance and payroll for the company’s four Australian stores
- Ensuring the company held the relevant workers compensation insurance for the states in which it operates
- Connecting Golden Goose with the right people for its employment agreements
- Handling day-to-day obligations such as payroll processing, BAS lodgement and superannuation obligations
- Registering the company for deferred GST on imports – a major cash flow saving for a global company like this.
Cloud-based systems were the perfect choice for Golden Goose. Using a Xero file with live bank feeds means our team are updates accounting transactions on a daily basis; this enables Golden Goose’s finance team, which is scattered across the globe, have up-to-date visibility of the performance of the Australian businesses no matter where they are.
At the end of each month, iKeep also produces a highly detailed, trilingual management reporting pack to strict deadlines that is then submitted to their head office for global consolidation. Our background as accounting professionals is invaluable in collating this report, the technical complexity of which is likely to be beyond the capabilities of the average bookkeeper.
Key benefits
- ‘One-stop-shop’ support for launching Australian operations – ensuring compliance with local business and employment laws, regulations and taxation obligations.
- Real-time financial information – enabling global finance team to access up-to-date information no matter where they are, at any time of day or night.
- Technically complex trilingual management report fulfills global financial consolidation requirements.
