MILAN — Safilo Group SpA said that chairman Vittorio Tabacchi and executive vice chairman Massimiliano Tabacchi have resigned, in accordance with the restructuring plan signed in October between the Italian eyewear maker, Dutch retailer HAL Holding NV and Only 3T SpA.
The latter is controlled by Safilo’s founding family, the Tabacchis. In 1993, Vittorio Tabacchi became chairman of the company founded by his father, Guglielmo, in 1934.
As per Safilo’s social statute, following the resignation of the chairman, a new board will be nominated “within the shortest possible time,” said the company. Safilo also noted that Massimiliano Tabacchi holds 66,800 ordinary shares in the company.
The company approved a recapitalization plan on Oct. 19, whereby the Amsterdam-listed Hal would inject new equity and pay off some of the eyewear maker’s debts in return for a stake of between 37.23 and 49.99 percent.
In December,Safilo escaped bankruptcy as Hal accepted 50.99 percent of the troubled Italian eyewear maker’s tendered notes. Shareholders of Safilo approved a capital increase of up to 263 million euros, or $357.2 million at current exchange. The total amount raised through the recapitalization will go toward lowering the eyeglass maker’s debt, which at the end of September totaled 586.3 million euros, or $800.9 million at average exchange rates.
Upon completion of the approved recapitalization plan, the company’s founding Tabacchi family will see its 39.9 percent controlling share in Safilo drop to 10 percent.
A room full of toiles at the haute couture atelier in the Dior exhibition at Les Arts Décoratifs, open in Paris since July 5. This is just one of three major exhibitions that have been timed to coincide with the house's 70th anniversary. See the rest of the exhibits, plus read WWD's look into the iconic brand's history. Link in bio. #wwdfashion (📷: @dominiquemaitre)
For spring, Pamplemousse's Danica Zheng presented her signature slip dresses attached to a white T-shirt along with floral windbreakers, off-the-shoulder cotton blouses and more. For more highlights from the New York trade shows, go to WWD.com. #wwdfashion
The Green Carpet Fashion Awards closed out Milan Fashion Week yesterday. The fashion industry flocked to the event, showing its efforts to support and spread the message of sustainability. Supermodel Gisele Bündchen said "if each one of us took at least one step is this direction, there is no saying how much could be done." #wwdeye #wwdfashion #mfw (📷: Lodovico Colli di Felizzano)
Etro’s show, titled “The Tree of Life,” was a celebration of the house’s 50th anniversary. “My father founded the company in 1968, which was the year of counterculture and psychedelia. It’s really a show that celebrates that and the paisley design of India and its origin,” said Veronica Etro. #wwdfashion #mfw #ss18 (📷: @delphineachard)
For @msgm’s spring 2018 show, creative director @massimogiorgetti said “Words, sounds, colors. Synthesis and therapy of a collection,” were the inspirations behind the collection, showing today. Read the rest of Milan spring 2018 inspirations on WWD.com. #mfw #wwdfashion #ss18
For her first solo album in over 10 years, Fergie tapped Carine Roitfeld, Mert and Marcus, Giovanni Bianco and more to create a fashion-focused video approach for the record, Double Dutchess. "Giovanni really helped me get back in touch with my tomboy side, my hardside," said the singer. #wwdeye #wwdfashion ( : @slovekinpics)