Is Geox closing its US business?

Geox is said to be laying off employees in the US and rethinking the future of the market. The Italian shoe retailer is closing its office in New York, Geox CEO Enrico Mistron confirmed to trade magazine Footwear News. It is currently unclear how many employees will be affected by the job cuts.

In addition, the company's management is reviewing its business model in the US. The extent to which Geox will withdraw from the market will be announced in the coming months. However, Geox intends to remain available to its US customers via digital channels in the future.

In the first half of 2024, North America accounted for 3.7 percent of Geox's sales, at 11.7 million euros. Revenues in the region fell by 13.7 percent year-on-year during this period. The company recorded a decline in all major sales channels. The exception was digital direct sales, which grew by 5.1 percent.

According to the interim report, Geox employs 122 people in North America and operates 11 of its own stores in the region. The size of the branch network has not changed compared to the same period last year. Geox has 630 stores worldwide, of which 172 are in the domestic market and 162 in other European markets.

Geox has not yet responded to a request from FashionUnited.