Australia's Leading Ophthalmic Magazine Since 1975

     Free Sign Up     

Australia's Leading Ophthalmic Magazine Since 1975

     Free Sign Up     
News

Safilo's profitability rose in 2013

10/04/2014
Share:

Safilo said on 5 March its profitability rose in 2013 and pledged to focus on developing its proprietary and licensed brands, taking advantage of growing demand for fashionable eyewear.The manufacturer and distributer of Gucci- and Dior-branded eyewear said its adjusted core earnings rose 5.8%, leading to a margin of 10.9% in 2013.Safilo posted full-year adjusted net profit of €39 million in 2013, excluding one-off costs including an Italian tax provision. Prior to the adjustment, group net profit came in at €15.5 million for the full year.

The loss of a valuable license to make eyewear for Armani to market leader Luxottica at the end of 2012 had prompted Safilo to trim its sales and profitability expectationsSafilo, which generates around 80% of revenue from eyewear made under licence, said it would develop the brands it owns, such as Carrera and Polaroid, and selectively agree new licences."Our focus is on leveraging and expanding our proprietary brands to their fullest potential," Ms Luisa Delgado, who was appointed chief executive officer of the company last October, said.New licenses must "complement our portfolio ... we are not looking indiscriminately at just adding brands," Ms Delgado said.Chief financial officer Mr Vincenzo Giannelli said a new licence to manufacture sunglasses for Kering's Fendi should generate €40-50 million ($US54.96 million-$68.7 million) in 2014 and 2015.Luxottica expects the Armani licence to be worth €160 million in sales in 2014.Analysts say changes in consumer behavior worldwide, including growing popularity of sunglasses in China, have made eyewear a lucrative market.

large leaderboard
advertisement





George & Matilda Eyecare
advertisement
Editor's Suggestion
Hot Stories

BOQ Specialist Bank
advertisement


OR
 

Subscribe for Insight in your Inbox

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