Padua, January, 2015 – Safilo Group, the fully integrated Italian Eyewear creator and worldwide distributor of quality and trust, communicates that the agreement with Kering, announced on September 2, 2014, has been executed, and the first of three compensation payments of Euro 30 million has been received today.
In order to optimize the profitability and the strategic relevance of its brand portfolio going forward, Safilo has also agreed with Kering that the Alexander McQueen, Bottega Veneta and Saint Laurent licenses will terminate on June 30, 2015.
The contract now executed confirms the three elements announced in September:
- the conclusion of the current Gucci license agreement at the end of December 2016;
- a Strategic Product Partnership Agreement for the development and manufacture of Gucci’s Made in Italy eyewear products, of the duration of four years, from January 2017 until December 2020, renewable upon mutual agreement. Product development, industrialization and prototyping of the 2017 collections will start in Q4 2015;
- a compensation received by Safilo of Euro 90 million, paid in three equal installments – followingtoday’s payment, the second will be paid in December 2016, the third in September 2018
About Safilo Group
Safilo Group is the fully integrated Italian eyewear creator and worldwide distributor of quality and trust, leader in the premium sector for sunglasses, optical frames and sports eyewear. Design inspired and brand driven, Safilo translates extraordinary design into excellent products created thanks to a superior craftsmanship expertise dating back to 1878. Internationally present through 30 owned subsidiaries and exclusive distributors in key markets – in North and Latin America, Europe, Middle East and Africa, and Asia Pacific and China – Safilo is committed to quality distribution in over 130 countries around the world. Safilo’s portfolio encompasses proprietary brands – Carrera, Polaroid, Smith Optics, Safilo and Oxydo – and licensed brands Dior, Fendi, Gucci, Alexander McQueen, Banana Republic, Bobbi Brown, BOSS, BOSS Orange, Bottega Veneta, Céline, Fossil, HUGO, J.Lo by Jennifer Lopez, Jack Spade, Jimmy Choo, Juicy Couture, Kate Spade, Liz Claiborne, Marc Jacobs, Marc by Marc Jacobs, Max Mara, Max&Co., Pierre Cardin, Saint Laurent, Saks Fifth Avenue and Tommy Hilfiger.
Listed on the Italian Stock Exchange (ISIN code IT0004604762, Bloomberg SFL.IM, Reuters SFLG.MI), in 2013 Safilo recorded net revenues for more than Euro 1,1 billion.