Geox controller Lir injects €8.66M to close out €60M rescue plan
What's the deal? Lir, the Polegato family holding that controls Italian footwear group Geox, paid in €8.66 million on October 12 to complete a €60 million capital strengthening plan. The transfer closes an agreement struck with lending banks on December 30, 2024.
How it came together: The plan ran in three phases. A rights issue closed in June 2025 raised €29.94 million, and the exercise of Geox 2025-2026 warrants, completed September 30, brought in a further €21.4 million through 62.6 million new shares. Those two steps delivered €51.34 million; the controlling shareholder covered the rest.
Why now? Lir's contribution was first set as a subordinated shareholder loan. With creditors' consent, the holding asked instead to route it into capital, subscribing to a reserved share issue.
The board set terms for 25.3 million new shares at €0.342 each — the same price as the warrant exercise, chosen so the controlling shareholder gets no better terms than other subscribers. The deal still needs shareholder approval.
What changes: Once subscribed, share capital will rise from €42.9 million to €45.5 million, lifting Lir's stake from 75.32% to 76.69% and diluting other shareholders by about 5.6%.
The numbers: The close lands weeks after a new business plan. Geox expects to end 2026 — described as a transition year — with revenue of €540–545 million, down from €608.7 million in 2025, and an adjusted EBIT margin of 3–4%. By 2029 it targets €640–650 million in sales and a 6–7% margin.
The signal: The injection shows the Polegato family backstopping Geox through a weak patch, converting support into equity rather than debt. With its stake now near 77%, the family is tightening control just as the group tries to steer back to growth.
Read more: pambianconews.com
Image credit: pedroa88
