Geox pins hopes on Asia as Italian sales fall a third
16/05/2013
It reported sales of 262.5 million, with sales in Italy down a third to EUR 89.9 million. In the rest of Europe, which accounts for 44% of group sales, they fell 17% to EUR 115.9 million.
Geox chairman Mario Moretti Polegato said the company was in a transition year, and added: “Despite the uncertainty of the timing of the consumption recovery in Europe, we are confident that our strategy focused on investments in new products and on the gradual shift of our commercial activities towards emerging markets such as Asia-Pacific and Russia, where our expansion is in rapid and positive evolution represents the base for future development of the Group and the relaunch of its growth.”
During first quarter, the company opened 34 stores but closed 36, to total 1,218. Launches included shops in Budapest, Valencia, Hong Kong, Beijing and Shanghai.
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