Geox cuts net loss by half in 2021
In 2021, Italian footwear manufacturer Geox, renowned for “the shoes that breathe,” generated a revenue of €608.9 million, up 13.8% at current exchange rates. In the same period, helped by the cost-cutting policy Geox has been pursuing for the last two years, the group recorded a net loss of €62.147 million, compared to one of €128.2 million a year earlier. Geox, which also sells ready-to-wear apparel, nevertheless did feel the impact of the Covid-19 pandemic which, in H1 2021, forced it to close a number of stores.
In 2021, Geox’s online sales, generated both directly and via third-party e-tailers, grew by 30% and now account for one third of the group’s revenue.
Sales in the wholesale channel were worth €306.2 million, up 18% compared to 2020, and now account for a 50.3% share of the total, as opposed to 48.3% a year earlier.
The revenue of Geox’s monobrand stores, 768 of them as of December 31 2021, was €302.6 million, up by a more modest 9.4%.
Europe, excluding Italy, remains the group's main market, generating sales for €278.2 million, up by 11.2%.
The Italian domestic market was instead worth €153.8 million for Geox, equivalent to a 23.1% increase. North America generated a revenue of €26.8 million, up by 8.3%.
In the rest of the world, Geox generated a revenue of €150 million, an 11.2% rise. In more detail, sales in the Asia-Pacific region fell by 8.5%, owing to an overhaul of the group's business in Japan, which was handed over to a distributor. Sales grew by 11% in China and by 17.7% in Eastern Europe, driven by Russia, a market that grew by 23% in 2021.
Geox has recently unveiled its 2022-2024 strategic plan, and is targeting a revenue of €800 million by 2024.
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