Geox to close factory despite Q2 recovery

Italy
Published:  01 September, 2021

The Italian footwear and apparel manufacturer reported a 90.5% year-on-year increase in revenues for the second quarter of 2021, but still plans to close its factory in Serbia.

July saw a jump in retail sales of 23% compared to 2020, while remaining 6% behind sales in 2019. At the same time as reporting its second quarter recovery, Serbian media circulated a letter from the company informing 1,200 workers of the closure of its plant in Vranje.

The closure is reportedly a direct consequence of a drop in production due to the Covid-19 pandemic. Geox closed the first half of 2021 with revenues of €264 million, 8.4% up on the same period in 2020 at current exchange rates. Footwear generated 92.9% of revenue.

Source: La Conceria