According to recent media reports, Italian shoe company Geox is ending its operations in the US at the end of the month. This includes closing the New York City office and laying off staff. Enrico Mistron, who joined Geox as CEO in March, confirmed this decision to Footwearnews and explained that the business model in the US is currently under review.
The latest financial report shows that Geox recorded a 9.4 percent drop in sales to 320.4 million euros in the first half of 2024, mainly due to the negative development in wholesale and franchising. The North American market also saw a 13.7 percent drop in sales to 11.7 million euros. One bright spot was the direct digital channel, which recorded an increase of 5.1 percent.
However, Geox will continue to operate in the US market through partners and digital platforms. The company, which employed 122 people in North America and operated 11 of its own stores there until the end of June 2024, expects a mid-single-digit decline in sales for the year, but operating margins are expected to increase by 50 basis points. The exact number of employees affected by the closures was not disclosed.
