MILAN — Safilo Group had a setback two years ago when it lost its Giorgio Armani license.
On Monday, the Italian eyewear producer said it “has prevented the 1,000 potential redundancies” at its manufacturing plants in Italy and a solidarity contract announced in 2012. Safilo said that approximately 100 voluntary exit agreements have been signed.
“We believe that an important milestone has been laid for our future,” said chief executive officer Luisa Delgado. “We will go to full work for our plants of Longarone and Santa Maria [di Sala], and have found a socially sustainable solution that we worked constructively on with our employees and unions, while increasing production efficiency and strengthening staff training and requalification.”
In the three months ending March, the company — which produces prescription and sunglass frames for licensed brands including Fendi, Gucci, Dior, Jimmy Choo, Alexander McQueen, Banana Republic, Dior and Marc Jacobs, as well as for own brands including Safilo, Carrera and Polaroid — reported net income rose 23 percent to 16.5 million euros, or $22.6 million, as reported. Revenues in the period were 293.2 million euros, or $401.7 million, up 1.9 percent at constant exchange rates, but down 1.3 percent at current exchange rates, due to a negative exchange rate impact.
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