Geox loss of 3.64 million euros
14.08.2013 5613

Geox loss of 3.64 million euros

Italian footwear brand Geox recorded a net loss of EUR 3.64 million in the second quarter against a profit of EUR 18.9 million in the first semester of 2013.

“This result is due to the difficult economic situation that has gripped the countries of Mediterranean Europe,” a company spokesman comments on the situation.

In Italy, in the main Geox market, the company's total sales turnover fell by 21.8% to 122.5 million euros, while in Europe sales fell by 5.7% to 172.7 million euros.

To counter these difficulties, the Italian group announced its plans to reorganize and rationalize the business in 2014-2016. Geox decided to strengthen its presence primarily in the strategic markets of the company, in China, Hong Kong and Russia.

As of late June 2013, Geox owns 1 boutiques. In the first six months of this year, the Italian brand opened 219 new points of sale in cities such as Beijing, Shanghai, Hong Kong and Singapore, while closing 66 stores.

The Italian shoe brand Geox posted a net loss of € 3.64 million in the second quarter against a profit of € 18.9 million in the first semester of 2013 ...

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