Geox winds down US business: closes New York office, cuts staff
Geox is unexpectedly winding down its U.S. operations at the end of the month, including closing its New York office and laying off staff, Footwearnews reports. The news was confirmed by Enrico Mistron, who took over as the company's CEO in March.
“We are confirming the closure of the New York office,” Mistron said. “In fact, we are reviewing our business model in the U.S. and will provide you with information in a few months.” He added that Geox “continues to serve” its customers through its partners and digital channels.
As of June 30, 2024, Geox had 122 employees in North America, as well as 11 company-owned stores in the region, according to the Italian shoe company's semi-annual financial report.
When Mistron joined Geox earlier this year, the company said his appointment was critical to its business, which focuses on developing direct-to-consumer sales, sustainability and research and development.
This year Geox reported, that consolidated sales for the first six months of 2024 amounted to 320,4 million euros, which is 9,4% less than 353,6 euros in the same period last year. This decrease is primarily due to the negative performance of the wholesale channel and the franchise network, which are only partially offset by the positive trend in the online sales channel.
In North America, Geox's sales in the region for the first half of 2024 fell by 13,7% to €11,7 million, compared to €13,6 million in the same period a year earlier. The company said the decline was seen across all major sales channels, with the exception of digital, which posted a positive 5,1% in the period. According to its recent financial report, sales in North America accounted for 3,7% of the company's total business in the first half of the year.
Looking ahead, the company expects full-year 2024 sales to decline by mid-single digits compared to 2023, with operating margin expanding 50 basis points for the full year.
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Geox is unexpectedly winding down its US operations at the end of the month, including closing its New York office and laying off staff, Footwearnews reports. This information was confirmed by Enrico Mistron, who in…
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“How do you charge your consultants for personal or general sales?” Is one of the most popular questions causing a lot of controversy and gossip on the online forums of retail business owners. Indeed, how to properly form the earnings of sellers? But what about bonuses, where to get a sales plan from, do employees allow them to buy goods at discounted stores? In search of truth, the Shoes Report turned to a dozen shoe retailers, but no company wanted to disclose its motivation system - the process of its development was too complicated and individual. Then we asked four business consultants, and finally became convinced that the topic of seller motivation is very complex, because even our experts could not come to a common opinion.
Technology Selling Issues
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Retail Arithmetic
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