“We confirm the closure of the New York City (NYC) office. In fact, we are reviewing our business model in the US, and we will give you visibility in a few months”, commented Enrico Mistron, Geox’s Chief Executive Officer, to Footwear News.

Unexpectedly, Geox is winding down its US operations. This includes the closure of its NYC office and layoffs. Nonetheless, the company will continue to serve its customers through its partners and digital channels.

At the end of June, the Italian footwear company employed 122 people and operated 11 stores in North America. It remains unclear how many employees will be affected by the closures, as Geox has yet to provide further details.

The appointment of Mistron back in March 2024 had already suggested a change in strategy, with a focus on consumer investments, sustainability, artificial intelligence and research and development.

According to Geox’s half year financial report, consolidated sales for the first half of 2024 were 320.4 million euros, a 9.4% drop from 353.6 million Euros in the same period of 2023. This decline was mainly attributed to the underperformance in the wholesale and franchising channels. However, it was partially offset by growth in the direct digital segment.

In North America, sales for the first half of 2024 fell by 13.7%, reaching 11.7 million Euros compared to 13.6 million Euros in the same period in 2023. All significant sales channels were affected except for the direct digital channel, which increased by 5.1%. North America accounted for 3.7% of Geox’s total business in this year’s first half.

Looking forward, Geox projects a mid-single-digit sales decline in 2024 compared to 2023 while operating margins are expected to improve by 50 basis points.


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