Flexible and innovative credit insurance for Geox "the footwear which breathes". November 2006

An international success from a revolutionary concept in footwear

The footwear manufacturer GEOX is a group which is enjoying particularly rapid international success based on its technology, its brand visibility, its network of exclusive Geox Shops, and its internationalisation. In Italy, the group is leader in the town and leisure footwear sector. In the "lifestyle casual" sector, it occupies the number one spot in Italy and in the world. Geox is a very recent group. Its history goes back some 10 years, during the course of which the group has had annual growth of 40% and in 2006 it achieved sales of approximately 600 million euros. Geox currently employs approximately 3,000 workers. Geox owes its success to the innovative, even revolutionary, idea of its founder and current group president, Mario Moretti Polegato, the idea of "the shoe that breathes", an idea which he instantly believed in and patented in every country of the world.

An innovative form of credit cover, with guaranteed flexibility

For Geox, it was important to find a company which would ensure the payments of its credit customers, and which was present not only in Italy, but also internationally.

Taking account of the profiles of its trade receivables, the company was looking for an insurance company which would offer it an innovative policy, and this is where TCRe was able to help. In order to ensure the flexibility necessary for certain types of customer, Geox  thought of completing its first line policy with an "excess of loss" cover for the second line.
When the first line policy is not able to cover the whole order, and the credit limit set by this insurer is exceeded, subsequent deliveries are covered by the second line policy. Geox considers this system is necessary in order to guarantee a minimum level of flexibility. If this were not so, the credit policy would be entirely dictated by the credit limits set by the insurance, but the Group's deliveries must be fully insured.
It is this model therefore which Geox has chosen in order to manage directly all of its sales in Europe.