Geox restructuring: Job cuts expected, talks with unions underway

Another meeting between trade unions and Geox is expected next week, coinciding with Milan Fashion Week. A workforce reduction of around 15 percent of the 750 global employees is on the table. This includes 500 employees at the Montebelluna headquarters, as reported in recent days by the Veneto edition of Corriere della Sera.

The first meeting was held on September 10. Geox, listed on the Euronext Milan market, managed by Borsa Italiana, met with union representatives and Confindustria Treviso. The company outlined some initiatives to support the execution of the Industrial Plan. This plan, approved by the board of directors on December 19, 2024, calls for restructuring the internal operating model. This is to improve efficiency and sustainability, optimise fixed costs, and increase their absorption capacity.

"Based on preliminary analyses carried out by management, there is a need to implement a cost reduction plan. This will also involve structures abroad, to be implemented using the tools made available by the legal system," explained the Geox statement.

"It is a process that we intend to manage to reach an agreement that generates the least possible impact. First of all, however, we intend to understand where the industrial plan is heading. This is to give meaning to the path we are about to take," underlined the trade union organisations. In the coming days, the details of the restructuring plan will be discussed. This will be led by the new chief executive officer, Francesco Di Giovanni, appointed at the end of July, replacing Enrico Mistron.

The new appointment is part of a process of accelerating the company's transformation. This is considered strategic to address the current challenges that will continue to characterise the remainder of 2025 and the entire 2026 financial year, the management underlined.

In terms of figures, the first half of the 2025 financial year saw a drop in turnover of approximately 15 million euros (4.7 percent) compared to the first half of the previous financial year. Excluding the impact of the closure of branches in China and the US, the decrease is 6.1 million euros (1.9 percent).

Meanwhile, on September 25, in Milan, the company is preparing to present new items for the SS26 collections.

This article was translated to English using an AI tool.

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