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.