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 to determine the effectiveness of a shoe business
Today, most entrepreneurs calculate and analyze their business performance indicators. However, about 30% either do not do this or do not understand anything about it (but would like to understand this issue and start working with performance indicators). Maria Gerasimenko, an expert in the field of fashion business management and development and a regular author of SR, has prepared material especially for the readers of the magazine about what business performance indicators to rely on, how they help, how to calculate and control them so that the profitability of your business does not fall below 10%. After all, as you know, the rule of a bank deposit says: "If your business brings less profitability than a bank deposit, then it does not make sense."
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We are waiting for you at the Euro Shoes exhibition on August 26-29
The international exhibition of footwear and accessories Euro Shoes premiere collection starts in Moscow next Monday. Euro Shoes will be held in the capital's Expo Center from August 26 to 29 in alliance with the leading international clothing exhibition CPM Moscow. In one place and on the same dates, both exhibitions will bring together a large number of visitors, buyers and fashion industry professionals from Russia and the CIS countries.
Euro Shoes will be held in pavilions 2.5, 2.6 of the Expocentre Fairgrounds
Dear partners!We inform you that the Euro Shoes premiere collection exhibition will be held from August 26 to 29 at the Expocenter, pav. 2.5 and 2.6.
Global footwear production down by 1,5 billion pairs in 2023
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Time-tested and new collections
PETER KAISER SPRING/SUMMER 2025
The business program of the EURO SHOES exhibition will take place on August 28
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Louis Vuitton opens a new factory in Italy
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Health and comfort in Relax Anatomic dress shoes
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We form the salary of sellers: expert advice
“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
There is nothing worse than meeting the buyer with the words “Hello, can I help you with something?”, Because the seller works in the store just to help. Criticizing this well-established pattern of communication with the buyer, Andrei Chirkarev, business coach for effective sales and the founder of the New Economy project, shares the technology of truly selling issues with readers of Shoes Report.
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Fur, and not only: types of lining
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The best models of Czech shoes of the past
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Retail Arithmetic
Before you begin to solve specific problems, you need to find out how accurately all the leaders of your company understand the basic terminology of retail.
How to fire a worker without tears, scandal and trial
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