Geox Announces Leadership Change and Reflects on Sales Dip Amid Tough Year
In a significant corporate move, Geox, renowned for its footwear innovations, has unveiled the appointment of Enrico Mistron as its new Chief Executive Officer, coinciding with the release of its 2023 financial figures which depict a modest decline in sales during a notably turbulent period.
Enrico Mistron, stepping in for the departing Livio Libralesso following a mutually agreed separation, brings a wealth of experience from his over six-year tenure at the Italian eyewear giant, Luxottica Group, where he held the position of Chief Corporate Officer.
Mistron’s career at Luxottica, starting in 1995 in corporate finance, saw him ascend through various leadership roles, ultimately steering supply chain, sustainability initiatives, and digital transformation projects.
This leadership transition occurs as Geox reports a slight downturn in its financial performance, with sales dipping by 2.2 percent to 720 million euros from the previous year’s 736 million euros. The final quarter of 2023 saw a more pronounced sales drop of 17.3 percent to 138 million euros, compared to the same quarter in 2022.
The sales breakdown reveals that while wholesale operations slightly increased, franchising and directly operated store sales experienced declines, with notable regional variances. Europe, particularly Germany, and North America faced significant sales reductions, contrasting with growth in Italy and other international markets.
Despite these sales challenges, Geox observed an encouraging uplift in operating margins, with EBIT climbing to 15.6 million euros from 4.3 million euros and a gross margin improvement of 52.5 percent.
Looking forward, Geox anticipates that ongoing global tensions, including the Ukraine conflict and Middle East unrest, may further complicate the international market landscape, potentially affecting demand, inflation rates, consumption uncertainty, and transportation costs. Consequently, Geox adopts a cautious stance for its 2024 business outlook, expecting sales to align with 2023 levels while projecting a slight gross margin enhancement.