Safilo continues to expand internationally, boosting its presence in Asia.
Safilo, which is controlled by Dutch investment fund Hal, issued a press release announcing the signing of the deal with Supreme Eyewear, a major local distributor with a 40-year presence in the business. The term of the agreement was not indicated.
“The distribution agreement for Thailand and Cambodia marks a further step in the development of the Asia Pacific region. It supports the acceleration in the growth of Safilo’s Emerging Markets unit, as per Safilo’s 2020 Strategy,” wrote the group, which hopes as a result to earn “significant market share in highly interesting countries.”
Supreme Eyewear will distribute all of the brands featured in Safilo’s portfolio – more than 30 labels – from the most accessible ones, like Polaroid and Havaianas, to premium names such as Elie Saab, Dior, Fendi, Jimmy Choo, Givenchy and soon also Moschino.
Through this geographic redeployment, Safilo is seeking to compensate for the loss of the Gucci license, which still weighs heavily on its financial performance, as shown by the third quarter 2017 , which recorded a revenue of €245.1 million, equivalent to a 14.9% shortfall (-12.3% at constant exchange rates) compared to the same period a year earlier.
(Source: Fashion Network)