Eyewear group Safilo’s portfolio overhaul boosts core profit margin
Italian eyewear group Safilo
The maker of frames for ChanelPradaVersace
Preliminary sales in 2021 rose by 26.3% at constant currencies to 969.6 million euros ($1.1 billion) but fell 0.7% to 232.2 million euros in the fourth quarter as new restrictions followed the spread of COVID-19 variant Omicron.
Safilo had to deal with the impact of losing most of its LVMHDiorGucciKering
To reduce its exposure to sunglasses, which were less resilient than prescription frames during the pandemic as people stayed home and travelled less, it launched an optical range for its Polaroid brand and expanded its Carrera range.