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.
