Italy's Geox to Name Top Gucci Executive as New CEO

MILAN, Italy — Italian shoemaker Geox said on Thursday it was set to appoint senior Gucci manager Matteo Mascazzini as its new chief executive from next month, replacing Gregorio Borgo.

Mascazzini, 48, is currently the chief operating officer of Gucci America. He joined the Italian brand which is owned by French luxury goods group Kering back in 2007, arriving from rival Giorgio Armani.

Geox, famous for patenting shoes with breathable soles, reported sales of 884.5 million euros (£780 million) last year, down 1.8 percent compared with 2016, hit by a downsizing of its network of shops.

The company closed 66 shops in net terms in 2017 as it shrinks its presence in Europe to expand in Russia, eastern Europe and China, areas where wholesale revenues grew double-digit.

Geox, headquartered in northeastern Italy, said same-store sales rose 0.5 percent last year after a 1 percent decline in 2016.

By Valentina Za; Editor: Adrian Croft.