“The global eyewear market for frames and sunglasses is significant and growing double-digit in the prium high-end segment,” Kering stated.
The current size of its brands’ business is roughly euro 350 million and makes Kering one of the top five players in this industry, according to the company. Nine out of 11 Kering brands active in the eyewear category are managed through licence agreents with five different partners, generating consolidated royalties of approximately euro 50 million. Kering’s partnership with Safilo includes eyewear licences for Gucci, Bottega Veneta, Saint Laurent and Alexander McQueen.
As part of the move, Kering and Safilo will terminate the current Gucci licence agreent two years in advance, i.e. by 31 Decber 2016.
Safilo will receive a compensation of euro 90 million, to be paid in three installments between 2014 and 2018.
The two companies have also agreed to put in place a product partnership agreent for four years, commencing in January 2017, renewable upon mutual agreent. The agreent covers product development, manufacturing and supply of Gucci eyewear products by Safilo, and is subject to the signing of long-form agreents by the end of the year.
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