MILAN — Italian eyewear company Safilo said Monday it will rationalize its production facilities in order to streamline the organization, achieve greater efficiencies and improve “its industrial profitability in the mid to long term.” Safilo — which holds the eyewear licenses for Giorgio Armani, Dior, Gucci, Valentino and other major brands — said that, in line with its plan, it will downsize production at its factories in Precenicco and Martignacco, Italy, and in Ormoz, Slovenia. Safilo will hold talks with union representatives at the plants regarding the downsizing. The company did not reveal whether there would be layoffs. Safilo also said it had granted chief executive officer Roberto Vedovotto “the powers to seek the widest strategic options aimed at strengthening the company’s capital structure.” The company’s majority shareholder, 3T SpA, said earlier this year it had contacted a few potential partners to strengthen and develop the group. According to sources, talks have since stalled, as the Tabacchi family, which owns 39.8 percent of Safilo through Only 3T, did not wish to relinquish a controlling interest in the company. Another alternative may be to delist the company from the Milan Bourse. On Monday, Safilo also confirmed net profits of 14.6 million euros, or $21.5 million, in 2008, compared with profits of 51 million euros, or $73.9 million, in 2007. Sales in 2008 fell 3.6 percent to 1.15 billion euros, or $1.69 billion, although at constant exchange rates they were flat. Dollar figures are converted at average exchange rates for the periods to which they refer. Safilo said the high-end sunglasses market was particularly hard-hit by the economic downturn in the fourth quarter of 2008, and that “the first months of 2009 have also been characterized by a difficult performance in all of the group’s main markets.” On an upbeat note, however, Safilo’s Carrera brand “has continued to register significant growth rates.” The company attributed Carrera’s performance to its products and its price positioning.
To celebrate Pride 2018, @themarcjacobs released the #GratefulNotHateful campaign, a social media initiative aimed at extending Pride beyond the parade. Inspired by Jacobs’ everyday outlook, the campaign features Jacobs along with a group of models and social media stars who are members and supporters of the LGBT community, all seen wearing @marcbeauty’s Highliner Gel Eye Crayons in colors of the rainbow. Head to our Instagram stories to see close-ups of the liner. #wwdbeauty
Virgil Abloh’s dad Nee and Don Crawley, cofounder of RSVP Gallery, were some of the hometown crew at the Chicago-born designer’s debut show for Louis Vuitton. (📸: @jdiderich ) #wwdmens #louisvuitton #virgilabloh
About last night: @marycharteris and @adwoaaboah hit up Hyde Park for the Serpentine Galleries’ annual summer party held in partnership with @chanelofficial. Head to WWD.com to see more photos. #wwdfashion
“This is Paris, my first show. I’m all about democracy. If some kid shows up, flew from New Jersey to just be around, let’s get him a seat.” — @virgilabloh tells WWD’s @jdiderich ahead of his first show for @louisvuitton men’s. (📸: @alfredo_piola ) #wwdmens #virgilabloh #louisvuitton
“Kate Spade was a true fashion icon who brought joy to the lives of women around the world, and inspired women to live life to the fullest. We are dedicated to carrying on her legacy,” said Anna Bakst, brand president and chief executive officer of @katespadeny. The Kate Spade Foundation announced that it will be donating $1 million to suicide prevention and mental health awareness in tribute to the recent death of Kate Spade. Read more on WWD.com. #wwdnews (📷: @chinseephoto)
A first look at @virgilabloh’s sneakers for @louisvuitton. Abloh spoke to WWD about his debut collection for Louis Vuitton, creating @kendalljenner’s #metgala outfit and redefining the heritage brand. Read the full story on WWD.com. #wwdfashion 📷: @alfredo_piola)
The world’s largest producer of denim @iskodenim is sharing the strategy behind its product development process. Read our full interview with ISKO’s product development manager Baris Ozden on the company’s extensive research practices, upcoming denim trends and the latest material innovations on WWD.com. #iskodenim