Genesco

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Genesco Inc.
Type Public
Traded as NYSEGCO
Industry Shoes, Apparel, Headwear, Specialty Retailer
Predecessor(s) Jarman Shoe Company
Founded 1924 (1924)
Founder(s) James Franklin Jarman,
William Hatch Wemyss
Headquarters Nashville, Tennessee, U.S.
Area served Worldwide
Key people Robert J. Dennis (Chairman, President, and CEO)
Products Footwear, Headwear, Apparel
Revenue Increase US$2.6 Billion(2013)
Operating income Increase US$169.8 Million (2013)
Net income Increase US$112.4 Million(2013)
Total assets Increase US$1.3 Billion (2013)
Total equity Increase US$823.7 Million(2013)
Employees 22,700 (2013)
Website genesco.com
References: [1]

Genesco Inc., based in Nashville, Tennessee, United States, is a publicly owned specialty retailer of branded footwear, licensed and branded headwear and licensed sports apparel and accessories and is a wholesaler of branded and licensed footwear. Through its various subsidiaries as of the end of 2013, Genesco operates 2,459 retail stores throughout the United States, Puerto Rico, Canada, the United Kingdom, and the Republic of Ireland and wholesales branded and licensed footwear to more than 1,025 retail accounts.[2] Founded as the Jarman Shoe Company in 1924 as a footwear manufacturer, the company changed its name to the General Shoe Company in the 1930s and became a public company in 1939.[3] The company took its current name, Genesco, in 1959. Genesco exited footwear manufacturing in 2002 and now contracts with independent, third parties located outside the United States to manufacture its branded and licensed footwear. In June 2011, Genesco acquired UK retail chain and web business Schuh. This was seen as a huge step for the business as it gave them an already well established grounding in a market outside of the U.S.[4]

Company history[edit]

James Franklin Jarman and William Hatch Wemyss, both former salesmen for Carter Shoe Co. in Nashville, founded Jarman Shoe Company in 1924 as a footwear manufacturer.[5] The company grew rapidly and took the name General Shoe Company in the 1930s. General Shoe Company's initial public stock offering took place in 1939.

By the 1950s, General Shoe had factories in many southern towns, especially in Genesco's home state of Tennessee. The company assumed its current name, Genesco, in 1959, two years after it was chosen as one of the stocks in the first S&P 500 Index.[6] Under the leadership of W. Maxey Jarman, the ambitious son of co-founder J.F. Jarman, the company slowly began the process of diversifying away from strictly footwear manufacturing, especially as more of this was conducted overseas. It entered into fields such as sports, at one time manufacturing and selling football (soccer) balls and at one point owned New York department store Bonwit Teller.

The company suffered from over-diversification at one point, and the ongoing manufacturing operations in the Southern United States continued to depress results for a long period of time. The company was probably saved by its decision to reposition itself as a retailer. Genesco exited the business of shoe manufacturing when it closed Johnston & Murphy's Nashville, TN factory in 2002. Genesco now contracts with independent, third parties located outside the United States to manufacture its branded and licensed footwear.[7][8]

Brands[edit]

The following is a list of retailers and brands owned by and licenses held by Genesco:

  • Johnston & Murphy - Retailer of better men's and women's footwear, apparel, luggage and leather goods sold in Genesco owned Johnston & Murphy retail stores and wholesaler of footwear to department and specialty stores.[9]
  • Dockers Footwear - Casual footwear marketed under license from Levi Strauss & Co. and sold at wholesale to department and specialty stores[10]
  • Hat World- Lids, Lids Clubhouse, Locker Room by Lids, Lids.com, Lids Team Sports - Retailers of licensed and branded headwear and athletic apparel.[11]
  • Journeys - Retailer of footwear for teens and young adults.[12] The first Journeys retail store to open was the Rivergate Mall Journeys in Nashville, TN, opened by Jim Estepa in December 1986. [13]
  • Journeys Kidz - Retailer of footwear for children. Many of the brands and styles found in the normal Journeys stores can be found in smaller sizes in Journeys Kidz stores.[14]
  • Underground by Journeys - Retailer of footwear brands such as Nike, Vans and Puma for young men and women 20 to 35 years of age. [15] Previously branded as "Underground Station".
  • Shï by Journeys - Retailer of footwear for young women 20 to 35 years of age.[16]
  • Schuh- UK retailer of footwear and other branded items on the highstreet and online at www.schuh.co.uk.
  • Trask (Formerly H.S. Trask) - Dress Casual footwear marketed mainly as an outdoor brand.

References[edit]

  1. ^ CITEREFGenesco_2012_Annual_Report2012
  2. ^ CITEREFGenesco_2012_Annual_Report
  3. ^ Genesco - About Genesco 2010.
  4. ^ http://www.genesco.com/schuh
  5. ^ E. Thomas Wood (2007-07-20). "Nashville now and then: A voice from our past". NashvillePost.com. Retrieved 2007-07-21. 
  6. ^ Walker Duncan (2007-04-20). "Foot Locker makes $1.2 billion offer for Genesco". NashvillePost.com. Retrieved 2007-07-21. 
  7. ^ The Nashville Post 2002-02-01.
  8. ^ Genesco 2010 Annual Report 2010, p. 6.
  9. ^ "About Johnson & Murphy". Genesco Inc. Retrieved 2006-12-24. 
  10. ^ "Genesco Comments on Dockers Footwear License Extension". PRNewswire. 2006-10-28. Retrieved 2006-12-25. 
  11. ^ "Overview". Genesco Inc. Retrieved 2006-12-24. 
  12. ^ "Journeys Shoes". Genesco Inc. Retrieved 2006-12-24. 
  13. ^ Info courtesy Jim Estepa, March 14, 2012, Sales Meeting 2012, Franklin, TN.
  14. ^ "Journeys Kidz". Genesco Inc. Retrieved 2006-12-25. 
  15. ^ "Underground by Journeys". Genesco Inc. Retrieved 2006-12-25. 
  16. ^ Genesco Inc. 10-K 2010, p. 4–5.


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