Geox is rethinking its business in the United States. The Italian footwear company has announced that it will reduce its operations in the country at the end of the month, including closing its New York office and cutting staff.
Enrico Mistron, who joined Geox as CEO last March, said, “we are reviewing our business model in the United States and will provide visibility in a few months.” The company will continue to work through its partners and digital channels.
Until now, the Italian footwear company had 122 employees in North America and 11 of its own stores in the region, but the company has not detailed how many employees will be affected by the closure. giving effect.
Geox appointed a new CEO at the beginning of the year
When Mistron joined Geox at the beginning of the year, the company noted that his role was crucial to the company’s business, characterized by investments focused on end users, sustainability, artificial intelligence , as well as research and development.
The footwear company signed a new CEO after a 2.2% drop in turnover in 2023, to 720 million euros. The former CEO was Livio Libralesso, who had led the group for four years. For his part, Mistron held several management positions at Luxottica.
So far this year, Geox has reported that cumulative sales in the first six months of 2024 were 320.4 million euros, 9.4% less than the 353.6 euros in the same period of the previous year. This decrease is mainly due to the negative evolution of the wholesale channel and franchises.
In the North American region, the company reported that sales in the first half of 2024 fell 13.7%, to 11.7 million euros, compared to 13.6 million euros in the same period last year.
2024-09-26 09:07:23
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