Genesco
| Company type | Public |
|---|---|
| Industry | Retail, wholesale |
| Predecessor | Jarman Shoe Company, General Shoe Company |
| Founded | 1924 in Nashville, Tennessee, United States |
| Founder | James Franklin Jarman, J.H. Lawson, William Hatch Wemyss |
| Headquarters | Nashville , United States |
Area served | United States, United Kingdom, Canada |
Key people | Franklin M. Jarman (former CEO and chairman), Ben Harris (former CEO) |
| Products | Footwear, accessories, sports equipment |
Company Overview
Genesco Inc. operates as a publicly traded American retailer specializing in branded footwear and accessories, while also functioning as a wholesaler of licensed and branded shoes. Headquartered in Nashville, Tennessee, the company traces its origins to 1924 when it was established as the Jarman Shoe Company, a manufacturer of footwear.[1] In 1931, the business was renamed General Shoe Company and subsequently went public in 1939.Template:Fix/category[citation needed] By 1957, its shares were included among the initial listings of the S&P 500 Index.[2] The current name, Genesco, adopted in 1959, is an abbreviation derived from its former corporate title.[2]
In 2002, Genesco discontinued domestic footwear manufacturing operations and shifted production to independent offshore contractors for its branded and licensed products.Template:Fix/category[citation needed] The company's international footprint expanded in June 2011 through the acquisition of the U.K.-based retail chain and online platform Schuh, providing an established presence beyond the American market.Template:Not verified in body
Company history
In 1924, James Franklin Jarman, J.H. Lawson, and William Hatch Wemyss—previously salesmen at Carter Shoe Co. in Nashville—established the Jarman Shoe Company as a footwear manufacturer. The enterprise expanded swiftly, adopting the name General Shoe Company in 1931. It subsequently launched its initial public stock offering in 1939.
By the 1950s, General Shoe operated manufacturing plants across numerous towns in the southern region, with a strong presence in Tennessee, Genesco’s state of origin. The company rebranded itself as Genesco in 1959, two years after being selected as one of the original constituents of the S&P 500 Index. Originally focused solely on shoe production, under the leadership of W. Maxey Jarman—the driven son of co-founder J.F. Jarman—the firm gradually diversified its operations. This shift coincided with an increase in overseas manufacturing and expansion into other sectors such as sports equipment production (including footballs) and retail ownership, acquiring establishments like the New York department store Bonwit Teller and the five-and-dime retailer S. H. Kress & Co.
In 1973, Genesco’s board members resolved a leadership dispute within the Jarman family concerning the appointment of Franklin M. Jarman, son of W. Maxey Jarman and grandson of J.F. Jarman, as board chairman. At age 42, Franklin M. Jarman was promoted to CEO, effectively succeeding his father. By 1977, Genesco had broadened its retail portfolio to include Henri Bendel and Flagg Bros. shoe stores alongside its existing holdings such as Jarman's Shoes and Bonwit Teller.
On January 2, 1977, all ten Genesco directors voted unanimously to remove Franklin M. Jarman from his roles as president and CEO while retaining him as board chairman with limited responsibilities granted by interim CEO William M. Blackie—a long-serving company veteran and director emeritus. A board committee was appointed to identify a permanent chief executive.
At one stage, over-diversification posed challenges for the company, and continued manufacturing activities in southern U.S. locations exerted downward pressure on financial performance for an extended period. The strategic pivot toward retail operations likely played a crucial role in stabilizing the company.
In February 2002, then-Genesco CEO Ben Harris acknowledged that sales of welted shoes had declined due to consumers favoring more casual styles; he stated that demand for these products had diminished to levels better met by external suppliers. Despite earlier firm denials regarding closure plans for the Johnston & Murphy plant in Nashville—a facility regarded sentimentally as representing the company’s heritage of American-made handcrafted footwear—Genesco announced layoffs affecting 40 employees and shuttered the plant. Consequently, Genesco exited domestic shoe manufacturing that year and transitioned to contracting independent offshore manufacturers for its branded and licensed footwear production.
Brands
As of 2006, Genesco owned or held licenses for several brands and retail chains, including the following:
- Johnston & Murphy – A retailer specializing in premium men's and women's shoes, apparel, luggage, and leather accessories. These products are available both through Genesco-operated Johnston & Murphy stores and as wholesale footwear offerings to department and specialty retailers.
- Dockers Footwear – This line of casual shoes is marketed under the Dockers name, licensed from Levi Strauss & Co., and distributed wholesale to department and specialty stores.
- Journeys – A footwear retailer targeting teenagers and young adults. The inaugural Journeys store was launched by Genesco in December 1986 at the Rivergate Mall in Nashville, Tennessee.
- Journeys Kidz – A children’s footwear retailer that stocks smaller sizes of many Journeys brand styles within its stores.
- Schuh – A footwear and branded goods retailer based in the United Kingdom, which became part of Genesco following its acquisition in June 2011.
- Little Burgundy – A Montreal-based footwear retailer catering to fashionable teens and young adults, acquired by Genesco in 2015.
References
External links
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- Genesco
- Companies listed on the New York Stock Exchange
- Companies based in Nashville, Tennessee
- Retail companies established in 1924
- 1924 establishments in Tennessee
- Footwear retailers of the United States