The Italian shoe supplier Geox SpA not only presented its full results for the 2023 financial year on Friday. The company also announced a change in personnel in the executive chair.
Mistron replaces Livio Libralesso at the top of the company
The board of directors has agreed on an amicable separation with the previous CEO Livio Libralesso, according to a statement. Accordingly, Libralesso, who had been at the helm of Geox since the beginning of 2020, resigned from his leadership position with immediate effect. He will leave the company at the end of the month.
His successor was immediately appointed. The new CEO is now Enrico Mistron, who has held various management positions at the eyewear manufacturer Luxottica over the course of his career. The 54-year-old has been working in the global fashion and luxury goods industry for more than two decades and has gained experience in wholesale, retail and e-commerce during this time, said his new employer.
The shoe supplier can significantly reduce its annual loss
The company also announced that it was able to significantly reduce its loss last year. The net deficit therefore amounted to 6.45 million euros, which was not even half as high as in 2022, when it was 13.0 million euros. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased from 79.4 to 89.0 million euros thanks to an improvement in the gross margin.
At the beginning of February, Geox had already reported that annual sales had fallen by 2.2 percent to 719.6 million euros due to the adverse conditions. However, adjusted for exchange rate changes, the previous year’s level was exceeded by 0.3 percent.
Management warns of possible economic effects of the Middle East conflict
Management was more pessimistic about the coming months than before. The recent escalation of conflict in the Middle East is having a “direct impact on the security and costs of transporting goods on traditional international trade routes, particularly in the Red Sea area,” Geox said. This could result in “significant negative effects” on the development of demand in international markets, additional inflationary pressure and higher energy and freight costs, the company warned.