"Although still impacted by the COVID-19 pandemic, the 2021 results show a significant improvement over last year due to the double-digit growth in revenues, an increase in gross margins and a sharp and continuous reduction in costs achieved mainly as a result of the rationalization actions undertaken in the last two years. Since the re-opening of the stores, we have been witnessing a progressive and significant improvement in the performance of our network, which effectively resumed operations at the end of June. The changes seen in digital revenues and in the markets where the Group continues to concentrate its investments proved most reassuring. Geox's online revenues in the broad sense – including revenues from e-tailers that distribute our products – reached one-third of the Group's total revenues, showing a growth of 30% compared to both last year and 2019. The year 2021 also firmly underpins the strategic path outlined in the 2022-2024 Business Plan: profitability of direct stores is improving; the contribution from the wholesale channel is growing significantly; operating costs are decreasing further (…), said the company.

Sales by Channel

In the full year 2021, wholesale revenue amounted to 306.3 million euros last year, up by 18.6% (by 19.5% at constant forex), on a comparable basis with 258.3 million euros in 2020. Multi-brand stores revenue accounted for 50.3% of the group’s revenue.

Revenue from the franchising channel totalled 43.1 million euros, in line with the result achieved in the previous year. Revenue from Directly Operated Stores (DOS) stood at 259.5 million euros, as compared with 233.5 million euros in 2020, which reflects an increase of 11.2% at current forex (by 11.3% at constant forex). According to the company, the direct online business continued to perform well, having grown by 18.% and by 73%, on a comparable basis to 2020 and 2019, respectively.

Sales by Geographic Region

During fiscal 2021, sales in Italy generated 153.8 million euros, up by 23.1%, as compared with revenue of 124.9 million euros in 2020. The European country accounted for 25.3% of the group’s total revenue, having “benefited from a lower percentage of stores closed” due to lockdowns in 2020. Sales in Europe* were responsible for 45.7% of Geox’s total revenue. The old continent generated revenue of 278.3 million euros, as compared with 250.3 million euros in 2020, showing an increase of 11.2%, on a comparable basis with the prior year.

North America posted revenue of 26.8 million euros in 2021, up by 8.3% (by 7.6% at constant forex), as compared with 2020, “despite the sharp reduction in the store network and closures due to lockdown in Canada, 4 which continued until the 30th of June”.

Over 2021, other countries’ region recorded an increase in turnover of 11.2% (13.5% at constant forex), reaching 150.0 million euros, as compared with 134.9 million euros in 2020.  Geox pointed out that revenue in Asia Pacific region fell by 8.5% thanks to the reorganization undertaken in Japan, which resulted in the business being transferred to a distributor. Sales in China grew by 11% and in Eastern Europe by 17.7%, mostly due to the performance in Russia (up by 23%).

Sales by Product Category

In the year 2021, footwear revenue totalled 547 million euros, up by 14.6% (by 15.0% at constant forex), as compared with 2020. Footwear sales were responsible for 89.8% of the group’s total revenue. Apparel sales accounted for the remaining, standing at 62 million euros (up by 7.8% at current forex and by 9.3% at constant forex).