Wholesale sales, which make up 55.2% of the total for the company, were down 21.6% to €106.8 million.

Meanwhile, franchising had a drop of 21.4% to €16.2 million, brick-and-mortar directly operated stores were down 2.6% to €53.47 million and digital directly operating stores were up 41.9% to €17.13 million.

In its home market of Italy, Geox saw a drop of 13.2% year-on-year in sales to €55.05 million, while Europe was down 10.3% to €84 million, North America declined by 20.8% to €5.97 million and Other countries had a fall of 17.9% to €48.5 million.

By product category, footwear made up 89.9% of sales and was down 14% to €174 million, while apparel comprised the remainder and declined by 8.5% to €19.55 million. Geox ended the quarter with a net financial position of negative €134.9 million.

CEO Enrico Mistron said: “The first quarter of 2024 has proven to be extremely challenging and complex as highlighted by numerous market indicators already emerged towards the end of last year.

“The persistence of the complexity and uncertainty observed in all our major reference markets in these first months of 2024 lead us to maintain a prudent and focused approach to the growth of the most profitable markets, the streamlining of processes, and the optimization of cost structures.”