In the first nine months of fiscal 2024, Italian footwear brand Geox recorded a 9.7% revenue drop, down to €525.5 million, and a 9% one at constant exchange rates. Revenue from multibrand retailers (accounting for 52.3% of the total) was €274.6 million, down 15.4% at current exchange rates, and 14.5% at constant rates. Revenue from franchised stores (7.3% of the total) was €38.1 million, down 21.7%.

The revenue generated via directly operated stores, both physical and online ones, accounting on aggregate for approximately 40.5% of the total, was €212.8 million, a slight increase over the first nine months of 2023. This growth mainly came from Geox’s online performance. Sales in physical stores were in fact down 4.2%, while the revenue generated by the digital channels directly controlled by Geox (its own e-shop and the Geox pages on third-party marketplaces) jumped by 30.2%.

Geox has deployed a plan to modernise its monobrand stores in order to improve its omnichannel capabilities. The renovated and enlarged Geox store inside the Cap 3000 shopping mall near Nice, France, now extends over 144 square metres, with another 110 square metres of ancillary space. A section dedicated to deliveries and returns for online orders has been set up within the store, near the checkout area. “An omnichannel approach is indeed a key element of our initiatives to improve the customer experience, the main goal of the vast investment programme deployed by Geox to rationalize and upgrade its stores,” said Geox in a press release.

In geographical terms, the revenue generated in Italy, which accounted for 27.3% of the total, fell by 9.6% to €143.7 million. Revenue in the rest of Europe fell by 3.3% to €238.8 million. Revenue declined also in North America, where it was down 9.4% to €19.3 million, and in the ‘other countries’ aggregation, where it lost 20.2%. The most significant revenue shortfalls were again recorded in Russia, South-east Asia and the Middle East.

Product category-wise, footwear, which accounted for 90.7% of consolidated revenue, lost 9.4% (and 8.8% at constant exchange rates), dropping to €476.7 million, while apparel, which accounted for 9.3% of the total, lost 12.3%, falling to €48.8 million.
 
Enrico Mistron, managing director of Geox, said in the press release that “The results of the third quarter of fiscal 2024 confirm the trend observed in the first half of the year, with comparable sales in the direct channel, both physical and digital, showing a healthy performance, while sales in the multibrand channel remain under pressure. Sales in the direct channel consolidated the results achieved in the previous months, delivering strong like-for-like performance in the third quarter as well. On the other hand, performance in the multibrand channel remained consistent with the trends seen in previous sales campaigns, reflecting complex market conditions that continue to challenge operators in our core markets.”

After streamlining its retail network, Geox has also began the process of closing down its direct operations in China and the USA.

Additional content by the French editorial team