Geox posts 4.7% revenue drop in H1 2025 as market conditions remain challenging

Fashion Network

30-07-2025

Italian footwear and lifestyle brand Geox began 2025 on a softer note, reporting first-half revenues of €305.3 million (£262.6 million), a 4.7% decline compared to the same period last year. Excluding the impact of store closures in the United States and China, the drop narrowed to 1.9%. Despite the revenue dip, the company posted improved profitability, with EBITDA reaching €34.2 million (£29.4 million), reflecting an 11.2% margin on sales—up from €29.1 million (£25 million) in the first half of 2024.
'The first half of financial year 2025 continues to be impacted by difficult macroeconomic conditions,' Geox said in a statement. 'Consumer spending remains weak, shaped by low confidence and a significant drop in demand. Despite this, we are staying focused on our Business Plan priorities—targeting more profitable markets, streamlining operations, and managing costs.'
The company noted that these strategies are already improving operating margins and reinforcing confidence in its long-term plan. The Spring/Summer 2026 sales campaign began in May and will run through to September. Initial customer response has been positive, with the company citing strong interest in the updated style and commercial positioning of the collection.
Geox also confirmed that it successfully completed the first phase of a €30 million (£25.8 million) capital increase outlined in its Financial Manoeuvre, with full shareholder participation. 'This result motivates us and confirms the path of revitalisation we are pursuing,' the company said.
Revenue from wholesale channels totalled €100.6 million (£86.5 million), down 5.6%, while retail sales declined 2.1% to €124.1 million (£106.7 million). The company highlighted that several store closures took place during the period, but on a like-for-like basis, sales from its directly operated monobrand stores saw a slight increase. Digital sales—including the Geox-owned e-commerce platform and marketplace operations—dropped 7.4% versus the first half of 2024.
Geographically, Italy grew 1.6% to €90.5 million (£77.8 million), supported by a 43.8% increase in online sales and stable retail performance (+0.2%).
Sales in Europe slipped 1.1% to €144.7 million (£124.4 million), mainly due to weaker results in the DACH region and the Iberian Peninsula. Revenues from "Other Countries" reached €70.1 million (£60.3 million), a 17.5% decrease attributed largely to the absence of sales from the U.S. and China, which contributed approximately €9 million (£7.7 million) in H1 2024.
The region was also impacted by ongoing challenges in Russia and nearby markets, although growth in Canada (+14.5%) and the Middle East and Africa (+18.6%) helped offset the decline.
In terms of product categories, footwear continued to dominate Geox's business, generating 91.9% of total revenue. Shoe sales reached €280.7 million (£241.4 million), down 3.8% year on year. Apparel sales dropped 13.6% to €24.6 million (£21.2 million).
(€1 = £0.86)