"Financial Times" November 15 Milan, Italy's shoe maker Geox announced plans to enter the sports footwear market, thereby expanding its main business beyond the space. This means that Geox will compete fiercely with global sportswear giants such as Nike, Adidas and Hummer.
The development of athletic shoes is the first step in Geox's shifting business focus from the current relatively weak traditional footwear (ie, leather shoes) field. Geox Corporation is one of the world's largest manufacturers of traditional shoes and holds a market share of 4%. Sports shoes account for 40% of the global footwear market share, which is significant for a company specializing in footwear production.
Geox was founded in 1995 and the company achieved explosive growth. In the first nine months of this year, it achieved sales of 420 million euros, compared with last year's sales of only 310 million euros. Last year, the company's stock price rose by 55%. The company was listed in Italy last year.
Geox’s flagship store on Madison Avenue in New York will open tomorrow. The company plans to quickly expand the US market through its chain stores in New York, Boston and Los Angeles. The company's main business is leather shoes with a price of 125 euros/pair. Geox leather shoes are unique in that they can exhale the sweat inside the shoe by embedding a special film in the sole, while preventing water from penetrating into the shoe.
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