Genesco

Last updated
Genesco Inc.
Company type Public
Industry Shoes, apparel
PredecessorJarman Shoe Company; Genesco Shoe Company
Founded1924;100 years ago (1924) (as Jarman Shoe Company)
Founders
  • James Franklin Jarman
  • William Hatch Wemyss
Headquarters
Nashville, Tennessee
,
U.S.
Number of locations
1,410
Area served
Worldwide
Key people
  • Mimi E. Vaughn (President, CEO and Board Chair)
  • Scott E. Becker (Senior Vice President, General Counsel and Corporate Secretary)
Products Footwear, accessories
RevenueDecrease2.svg US$2.38 billion (2023)
Decrease2.svg US$93.2 million (2023)
Decrease2.svg US$71.9 million (2023)
Total assets Decrease2.svg US$1.46 billion (2023)
Total equity Increase2.svg US$607 million (2023)
Number of employees
c. 19,000 (2023)
Subsidiaries
Website www.genesco.com OOjs UI icon edit-ltr-progressive.svg
Footnotes /references
[1]

Genesco Inc. is an American publicly owned specialty retailer of branded footwear and accessories and is a wholesaler of branded and licensed footwear based in Nashville, Tennessee. Founded as the Jarman Shoe Company in 1924 as a footwear manufacturer, the company changed its name to the General Shoe Company in 1931 and became a public company in 1939. 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 U.K. retail chain and web business Schuh, which gave them an already well-established grounding in a market outside of the U.S.

Contents

Company history

Aerial image of the General Shoe Company in 1939. General Shoe Company.jpg
Aerial image of the General Shoe Company in 1939.

James Franklin Jarman, J.H. Lawson and William Hatch Wemyss, all former salesmen for Carter Shoe Co. in Nashville, founded Jarman Shoe Company in 1924 as a footwear manufacturer. [2] The company grew rapidly and took the name General Shoe Company in 1931. 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. [3] 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 and five-and-dime store S. H. Kress & Co.

On 2 January 1977, directors of Genesco dismissed Franklin M. Jarman as president and chief executive officer. [4] By 1977, Genesco owned Henri Bendel, Flagg Bros.(Shoe Stores), [5] Jarman's Shoes and Bonwit Teller. [4]

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. [6] [1]

Brands

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

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References

  1. 1 2 "Form 10-K". Genesco. March 22, 2023. Retrieved November 25, 2023.
  2. ↑ E. Thomas Wood (2007-07-20). "Nashville now and then: A voice from our past". NashvillePost.com. Archived from the original on 2007-09-30. Retrieved 2007-07-21.
  3. ↑ Walker Duncan (2007-04-20). "Foot Locker makes $1.2 billion offer for Genesco". NashvillePost.com. Archived from the original on 2007-09-28. Retrieved 2007-07-21.
  4. 1 2 Jones, William H. (January 3, 1977). "Jarman Ousted". The Washington Post. Retrieved 28 October 2024.
  5. ↑ Lauderdale, Vance (10 April 2024). "Ask Vance: Flagg Bros. Shoes". Memphis magazine. Retrieved 28 October 2024.
  6. ↑ "Genesco closing local shoe plant, firing 40 at headquarters". The Nashville Post. NashvillePost.com. 2002-02-01. Archived from the original on 2012-03-29. Retrieved 2010-10-07.
  7. ↑ "About Johnson & Murphy". Genesco Inc. Retrieved 2006-12-24.
  8. ↑ "Genesco Comments on Dockers Footwear License Extension". PRNewswire. 2006-10-28. Archived from the original on 2007-09-29. Retrieved 2006-12-25.
  9. ↑ "Journeys Shoes". Genesco Inc. Retrieved 2006-12-24.
  10. ↑ "Journeys Kidz". Genesco Inc. Retrieved 2006-12-25.

36°6′47.4″N86°41′32.2″W / 36.113167°N 86.692278°W / 36.113167; -86.692278

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