Geox suspends new direct investments in Russia amid Ukraine crisis
12/05/2022 17:18
May 12 (Reuters) - Italian shoemaker Geox GEO.MI said on
Thursday it had suspended any new direct investments in Russia
and was managing the situation in the short term to be able to
weather the impact of future decisions regarding its presence in
the country.
The maker of breathable yet waterproof footwear, which
operates in Russia and Ukraine mainly through third parties,
said it was withdrawing its European management and had reduced
orders from third parties "where possible."
Geox added it expected 2022 revenues to top 700 million
euros ($726.39 million), noting however that the target could
become "challenging" should no solution to the Ukrainian be
found soon.
($1 = 0.9641 euros)
(Reporting by Federico Maccioni, editing by Giulia Segreti)
((Federico.maccioni@thomsonreuters.com; +39 3420768883;))