Home NEWS Geox’s Growth Slows in 2023

Geox’s Growth Slows in 2023

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“After two years of robust expansion, 2023 signals a period of stabilization. Initial revenue figures indicate a 2.2% decline compared to the previous year at current exchange rates, while constant exchange rates reveal a marginal 0.3% uptick. This steady state comes amidst a challenging macroeconomic backdrop marked by geopolitical tensions, elevated interest rates, and inflation, instigating consumer uncertainty and cautious spending,” remarks the company.

The Italian footwear brand reports preliminary sales of 720 million euros in 2023, a 2.2% dip at current exchange rates yet a modest 0.3% rise at constant rates compared to the preceding year. The wholesale channel, comprising 51.7% of total sales, saw a 0.6% increase at current rates and a 3.4% uptick at constant rates, reaching 371.8 million euros. Franchising channel sales, constituting 8.4% of total sales, dipped by 5.3%, attributed to a reduction in store count compared to 2022. Directly operated stores (DOS) sales, representing 40% of total sales, experienced a 4.9% decrease at current rates and a 2.7% decline at constant rates.

In Italy, sales climbed by 3.1% to 200.8 million euros, driven by wholesale channel growth but offset by declines in franchising and direct store channels. Across Europe, sales dropped by 7.1% to 304.6 million euros, primarily due to performance issues in the German market. North American sales amounted to 27.2 million euros, marking a 10.1% decline, largely attributed to reduced store presence. Other countries witnessed a 2.4% sales uptick, reaching 187.0 million euros, with notable growth in the MEA region from new distribution agreements.

Footwear constituted 90% of total sales, reaching 646.9 million euros, down by 2.4% at current rates yet remaining steady at constant rates compared to the previous year. The apparel segment reported sales of 72.7 million euros, representing a 0.3% increase at current rates and a 5.7% rise at constant rates.