MILAN – Safilo Group is entering the Iranian market.
As part of Safilo’s 2020 strategic plan, this partnership follows the opening in 2014 of the group’s Dubai-based IMEA division, which manages operations across India, the Middle East and Africa.
“We see Iran as a market of great potential for our extensive brand portfolio, in sun and optical, and observe high local demand for trendsetting design and high quality craftsmanship,” said Safilo Group chief executive officer Luisa Delgado in a statement.
Safilo, which has more than 50 partners around the globe, produces and distributes eyewear under license for LVMH Moët Hennessy Louis Vuitton-owned brands including Fendi, Dior and Marc Jacobs. This year it will focus on launching Givenchy. And Céline is due to be out of Safilo’s portfolio by the end of 2017.
On Monday, the company extended its licensing agreement with Authentic Brands Group subsidiary Juicy Couture through Dec. 31, 2022.
In January, the Safilo established an Atelier division, which is dedicated to the design and production of hyper-luxury eyewear collections. The new product segment launched with licensed label Elie Saab Couture and house brand Oxydo that is known for its sculptural silhouettes inspired by modern and contemporary art.
Safilo on Wednesday named Eugenio Razelli as its new chairman.
In 2016, the company posted net profits of 15.4 million euros, or $17 million at average exchange rate, more than double that of 6.9 million euros, or $7.58 million, registered in 2015. Net sales for Safilo last year were 1.25 billion euros, or $1.35 billion, down 2 percent in reported terms and 1.2 percent on a constant-currency basis, as reported.