SAFILO COMMUNICATES THAT THE ARMANI GROUP WILL NOT RENEW THE EYEWEAR LICENSE AGREEMENT BEYOND 31/12/2012
Padua, November 16, 2011 – Safilo Group has been informed by the Armani Group of their decision not to renew, beyond the natural expiration date of December 31, 2012, the license agreement for the design, production and distribution of the Giorgio Armani, Emporio Armani and A/X Armani Exchange eyewear collections.
Safilo’s sales through the Armani Group’s licenses were approximately Euro 165 million in 2010 and Euro 125 million in the first nine months of 2011.
In light of the non-renewal and based on the current portfolio of brands, the Group’s medium-term financial targets, communicated on September 29, would be lower by approximately Euro 150-200 million at the net sale level in 2015, while the EBITDA margin would reach 13.5% instead of 15%. However, Safilo is confident that it can achieve its medium-term business and economic targets through further developing its current portfolio of brands, new Safilo own brands and future additional licensing agreements.
The Safilo Group is worldwide leader in the premium eyewear sector and maintains a leadership position in the prescription, sunglasses, fashion and sports eyewear sectors. Present in the international market through exclusive distributors and 30 subsidiaries in primary markets (U.S.A., Europe and Far East). The main proprietary branded collections distributed are: Safilo, Carrera, Smith Optics, Oxydo, Blue Bay, and the licensed branded collections are: Alexander McQueen, A/X Armani Exchange, Balenciaga, Banana Republic, Bottega Veneta, BOSS Black, BOSS Orange, Dior, Emporio Armani, Fossil, Giorgio Armani, Gucci, HUGO, J.Lo by Jennifer Lopez, Jimmy Choo, Juicy Couture, Kate Spade, Liz Claiborne, Marc Jacobs, Marc by Marc Jacobs, Max Mara, Max&Co., Nine West, Pierre Cardin, Saks Fifth Avenue, Tommy Hilfiger, Valentino, Yves Saint Laurent.
This press release is also available on the website www.safilo.com.