Company:Genesco

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Genesco Inc.
TypePublic
IndustryShoes, apparel
PredecessorJarman Shoe Company; General Shoe Corporation
Founded1924; 102 years ago (1924) (as Jarman Shoe Company)
Founders
  • James Franklin Jarman
  • William Hatch Wemyss
Headquarters
Nashville, Tennessee
,
U.S.
Number of locations
1,250
Area served
Worldwide
Key people
  • Mimi E. Vaughn (President, CEO and Board Chair)
  • Scott E. Becker (Senior Vice President, General Counsel and Corporate Secretary)
ProductsFootwear, accessories
RevenueDecrease US$2.38 billion (2023)
Decrease US$93.2 million (2023)
Decrease US$71.9 million (2023)
Total assetsDecrease US$1.46 billion (2023)
Total equityIncrease US$607 million (2023)
Number of employees
c. 19,000 (2023)
Subsidiaries
Website{{{1}}}
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.[2][3][4][5] Founded back in 1924 as Jarman Shoe Company, a footwear manufacturer,[6] the company changed its name to General Shoe Corporation in 1933,[7] and became a public company in 1939.[8] By 1957, its stock would be included in the first S&P 500 Index.[9] The company took its current name, Genesco—an acronym derived from its earlier name[not verified in body]—in 1959.[9] Genesco exited the business of U.S.-based footwear manufacturing in 2002 and now contracts with independent, third parties located offshore 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.[not verified in body]

Company history

Aerial image of the General Shoe Corporation 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.Cite error: Closing </ref> missing for <ref> tag Earlier strictly a manufacturer of footwear, W. Maxey Jarman, the ambitious son of co-founder J.F. Jarman, led the company to slowly diversify, especially as more of the manufacturing was being conducted overseas; as well, it entered into fields such as sports—at one-time manufacturing and selling football (soccer) balls—and retail ownership, including the New York department store Bonwit Teller and the five-and-dime store S. H. Kress & Co.{{citation needed|date = November 2024} In 1973, directors of Genesco, who had oveseen W. Maxey Jarmen's subsequent naming of his son (J.F. Jarman's grandson), Franklin M. Jarman, as board chairman, then "quelled a dispute within the family at its top management" and elected the younger Jarman, then 42‐years‐old, to the further position of company CEO, essentially replacing his father.[10] By 1977, Genesco would go on to add ownership of Henri Bendel and Flagg Bros. shoe stores,[11] to its Jarman's Shoes and Bonwit Teller.[12] On January 2, 1977, the ten sitting directors of Genesco voted unanimously to oust the young Franklin M. Jarman from his positions of president and chief executive officer, retaining him as board chairman, but only with duties and authority as allowed him by the interim CEO, William M. Blackie,[13] with a committee of the board tasked with identifying a permanent CEO.[12][needs update]

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. In February 2002, Genesco Chief Executive Ben Harris, noting that "[s]ales of welted shoes ha[d] fallen as consumers... adopted more casual attire"', said that demand for that product "ha[d] reached a level at which it can be better satisfied from other sources", and—despite previous year company statements "sternly reject[ing]" closure of the Johnston & Murphy, Nashville, Tennessee plant[14]—and announced a layoff of 40 workers, and closure of the plant.[15] Hence, Genesco exited the business of U.S.-based shoe manufacturing in 2002, and in that year began contracting with independent, third parties located offshore, to manufacture its branded and licensed footwear.[1]

Brands

The following is a list of some brands and retailers[clarification needed] owned or licensed by Genesco as of 2006:

  • 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.[2][third-party source needed]
  • Dockers Footwear – Casual footwear marketed with the Dockers brand licensed from Levi Strauss & Co. and sold at wholesale to department and specialty stores[3][third-party source needed]
  • Journeys – Retailer of footwear for teens and young adults.[4][third-party source needed] The first Journeys retail store was opened at the Rivergate Mall in Nashville, Tennessee by Genesco in December 1986. *Journeys Kidz – Retailer of footwear for children, where many of the Journeys brands and styles can be found in smaller sizes in the Journeys Kidz stores.[5][third-party source needed]

References

  1. ↑ 1.0 1.1 Genesco Staff (March 22, 2023). "Form 10-K". Nashville, TN: Genesco. https://www.genesco.com/static-files/0610304c-f467-476b-a1e7-281155053219. [non-primary source needed]
  2. ↑ 2.0 2.1 Genesco Staff (2006-12-24). "About Johnson & Murphy". Genesco Inc. http://www.johnstonmurphy.com/about.aspx. [third-party source needed]
  3. ↑ 3.0 3.1 Genesco Staff (2006-10-28). "Genesco Comments on Dockers Footwear License Extension". PRNewswire. http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=104&STORY=/www/story/10-28-2004/0002316000&EDATE=. [third-party source needed]
  4. ↑ 4.0 4.1 Genesco Staff (2006-12-24). "Journeys Shoes". Genesco Inc. http://journeys.com/. [third-party source needed]
  5. ↑ 5.0 5.1 Genesco Staff (2006-12-25). "Journeys Kidz". Genesco Inc. http://www.journeyskidz.com/index.aspx?source=RANG2006. [third-party source needed]
  6. ↑ Cite error: Invalid <ref> tag; no text was provided for refs named nashpost-jacobs
  7. ↑ Carey, Bill. "Genesco". The Tennessee Magazine (January 1, 2018). https://www.tnmagazine.org/genesco/. 
  8. ↑ "History of Genesco Inc." (in en). https://www.fundinguniverse.com/company-histories/genesco-inc-history/. 
  9. ↑ 9.0 9.1 Cite error: Invalid <ref> tag; no text was provided for refs named nashpost-S&P
  10. ↑ Barmash, Isadore (February 28, 1973). "Genesca Family Dispute Quelled". The New York Times: p. 53. https://www.nytimes.com/1973/02/28/archives/genesco-family-dispute-quelled-franklin-jarman-to-get-added-post-of.html. 
  11. ↑ Lauderdale, Vance (10 April 2024). "Ask Vance: Flagg Bros. Shoes" (in en-us). Memphis magazine. https://memphismagazine.com/ask-vance/ask-vance-flagg-bros-shoes/. 
  12. ↑ 12.0 12.1 Jones, William H. (January 3, 1977). "Jarman Ousted". The Washington Post. https://www.washingtonpost.com/archive/business/1977/01/04/jarman-ousted/43529602-650f-429e-bddb-d376fdb5b85c/. 
  13. ↑ Blackie was a 4-decade veteran of Genesco, and was a director emeritus at the time of his elevation. See Barmash, NYT, op. cit.
  14. ↑ Per its description in the Nashville Post, that plant was "sentimentally viewed as the last vestige of the company’s storied past in American-made, hand-made footwear", see Nashville Post Staff, February 1, 2002, op. cit.
  15. ↑ Nashville Post Staff (2002-02-01). "Genesco Closing Local Shoe Plant, Firing 40 at Headquarters". The Nashville Post. http://www.nashvillepost.com/news/2002/2/1/genesco_closing_local_shoe_plant_firing_40_at_headquarters. 

[ ⚑ ] 36°6′47.4″N 86°41′32.2″W / 36.113167°N 86.692278°W / 36.113167; -86.692278



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