Australia's Leading Ophthalmic Magazine Since 1975

     Free Sign Up     

Australia's Leading Ophthalmic Magazine Since 1975

     Free Sign Up     
Company

Safilo eyes sale of US retailer Solstice

30/05/2019
Share:
Italian eyewear group Safilo has signaled its intent to sell part of its US retail business, while also announcing a new joint venture agreement in South Korea.

The company recently unveiled plans to sell US-based sunglasses retailer Solstice, almost 20 years since acquiring the business.

Safilo purchased the chain in 2002 when the retailer operated just six stores, and grew the business to its 73-store network today.

Safilo’s board of directors is preparing for the sale of Solstice to a third party following expressions of interest from potential purchasers.

According to fashionnetwork.com, Safilo’s management believe the divesture could be an alternative to the current ‘turnaround strategy’ which would entail a company restructure and relaunch.

A Safilo company statement said: “While any possible transaction is subject to condition precedents customary for this kind of transaction, including the positive outcome of a due diligence process currently under way in relation to a non-binding offer received and the negotiation of satisfactory related agreements, the Group considers probable a sale to be concluded within 2019.”

Meanwhile, the company has also announced a joint venture agreement in South Korea with Parma International, an experienced local player in the eyewear and sporting goods sectors.

The deal sees Safilo own 51% of Parma, and will be based in the country’s capital, Seoul.

AFT Pharmaceuticals
advertisement





Carl Zeiss
advertisement
Editor's Suggestion
Hot Stories

rectangle
advertisement


OR
 

Subscribe for Insight in your Inbox

Get Insight with the latest in industry news, trends, new products, services and equipment!