Discover the latest updates from Geox, the renowned Italian shoemaker, as it refines its full-year sales projections for 2023. Preliminary data indicates a noteworthy 4.1% increase in sales over the first nine months compared to 2022.
Geox, recognized for its innovative and breathable footwear, now expects a low to mid single-digit growth in full-year sales at constant exchange rates. This adjustment, down from the previous 4-6% estimate, is countered by a positive outlook on gross margins, with a forecasted increase of 250-300 basis points, surpassing the earlier projection of 220-240 bps.
Attributing the sales adjustment to brief slowdowns in May and September due to unusual weather conditions, Geox’s CEO, Livio Libralesso, outlines strategic plans. Adapting to changing weather patterns, the focus will shift towards key products and intensified marketing efforts.
Geox’s commitment to market expansion is evident with the appointment of Spanish actress Penelope Cruz as a global ambassador in September, aiming to unlock the potential of the women’s market.
Further strengthening its leadership, Geox welcomes Andrea Maldi as Chief Financial Officer from December 4, part of a broader management overhaul to enhance operational efficiency.
Despite the adjusted sales outlook, Geox’s total sales for January-September reached an impressive 582 million euros, showcasing the brand’s resilience and continued market presence.
Stay tuned for more updates from Geox as it navigates market dynamics with strategic foresight and adaptability.
