Geox ceases direct operations in China and US after 9M results

GEOX SpA

14/11/2024 16:48

Nov 14 (Reuters) - Italy's Geox  GEO.MI  posted a 9.7%
drop in nine-month revenue to 525.5 million euros ($555.7
million). 
    Following a revision of its distribution model, the Italian
shoemaker has initiated procedures to cease direct operations in
China and the U.S., driven by an only marginal contribution to
the group's results. 
    The two markets, however, will continue to be served through
local partners, the company said in a statement.  
       
  
($1 = 0.9456 euros)

 (Reporting by Michela Stasio in Gdansk; Editing by David Evans)
 ((michela.stasio@thomsonreuters.com))