Lower turnover and new CEO for Geox | RetailDetail

Lower turnover and new CEO for Geox

Lower turnover and new CEO for Geox
Shutterstock

Italian shoe brand Geox’ turnover dropped slightly in the past fiscal year. It also replaced former CEO Gregorio Borgo with Matteo Mascazzini, who came from Italian fashion brand Gucci.

 

Store closures

Geox’ turnover dropped 1.8 % to 884.5 million euro in the past fiscal year, mainly because of weaker sales in its own store network and with franchise stores where turnover dropped 4.3 % to 483.5 million euro. Whosale turnover grew 1.4 % to 401 million euro.

 

These results were entirely along what the company had forecast. It is currently optimizing its retail network, which led to several store closures. Like-for-like turnover from its own store network remained relatively stable. The chain currently operates 1,095 stores, with 439 stores of its own. That is down from 1,161 stores (including 455 of its own) last year.

 

Geox’ turnover slumped in pretty much every region: Italy fell 4.7 % and Western Europe followed suit with a 3.4 % downward slide. North American sales even plummeted 6.2 %, but the “Other Countries” (mainly thanks to excellent Eastern European and Chinese sales) posted an 8 % turnover increase.

 

New CEO

Geox also announced it has found a new CEO. Current CEO Gregorio Borgo’s resignation was accepted and he will step down on 31 January. Matteo Mascazzini will take over: he has twenty years of experience in the fashion industry and worked for Gucci these past ten years, where he occupied several positions.

Questions or comments? Please feel free to contact the editors


Gerelateerde items

Isabel Marant opens first Dutch store

24/05/2018

Fashion brand Isabel Marant opened its very first Dutch boutique in Amsterdam. It is located in the P.C. Hooftstraat, in a former McGregor store.

Zara opens new flagship store with holograms and robots

18/05/2018

Zara’s remodeled flagship store in Stratford (London) welcomes customers with holograms, robot arms and iPad-powered employees. The store wants to unite the best of both the online and offline shopping world.

Komono wants to reach 10 physical stores this year

17/05/2018

Belgian accessory label Komono wants to double its number of physical stores to ten this year. “The stores are important to tell our story”, Anton Janssens and Raf Maes told De Standaard.

Hema has to pay Levi's millions

17/05/2018

Store chain Hema needs to pay a 4.4 million euro fine to jeans brand Levi’s after the latter went to court because Hema applied its V-shaped stitching to its own collection.

Suitsupply suffers losses because of expansion

15/05/2018

Dutch Suitsupply has experienced a decent turnover growth last year, but its net result tumbled below zero because of its huge investments. Nevertheless, that is the only way forward according to its founder, whose focus is still fixed on the United States.

Starting this Friday, Belgium has its own national e-commerce event

15/05/2018

Move over, Black Friday! This week, Belgium launches its own national e-commerce event as Jack & Jones, Kiabi, La Redoute, Sarenza, Tape à l'Oeil and Veritas organise the first Belgian Friday.