1. Genesco Activist Looks to Take Over Board, Blasts Acquisition Strategy

    Genesco Activist Looks to Take Over Board, Blasts Acquisition Strategy

    In outlining their "serious concerns" with Genesco's capital allocation, Legion Partners chided the company's "illā€conceived plan to operate as a retail conglomerate holding company and think of itself as a private equity investment platform...

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    1. Genesco curiously decided to enter the hat business in 2004 and spent $283 million in various acquisitions to build up the segment. After 15 years in this unrelated business and an abysmal track record of poor performance, Genesco exited the business in 2019 for $101 million in cash.
    2. With the Lids segment long-ago divested, the footwear-centric focus allows for material shared services, including, but not limited to, overhead and the digital backbone.
    3. We remain constructive on the name, considering the company's outperformance during the pandemic and opportunities in the post-pandemic world, overlaid with a still attractive valuation.
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