MILAN – Safilo Group has named Eugenio Razelli its new chairman.
The manager, who has been a company board member since 2010, succeeds Robert Polet, who resigned from the post for personal reasons. Polet, who joined the Italian eyewear group in 2011, remains director of the group.
Razelli held the post of chief executive officer of Magneti Marelli, the largest Italian global car components and systems manufacturer, from 2005 to 2015.
In 2016, Safilo more than doubled its net profit, adjusted for nonrecurring items, to 15.4 million euros, or $17 million at average exchange rate, compared with 6.9 million euros, or $7.58 million, in 2015.
Non-recurring items included an impairment loss on goodwill of 150 million euros, or $166.12 million, which reflected the writedown of the goodwill allocated to its Far East cash-generating unit, as well as 9.8 million euros, or $10.8 million, in restructuring costs related to its Polaroid brand.
Safilo produces and distributes eyewear under license for LVMH Moët Hennessy Louis Vuitton brands including Fendi, Dior and Marc Jacobs. This year it will focus on launching Givenchy. However, Céline will exit by the end of 2017. On Monday, Safilo extended its licensing agreement with Authentic Brands Group subsidiary Juicy Couture through Dec. 31, 2022.
In January, the company established an Atelier division 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, which is known for its sculptural silhouettes inspired by modern and contemporary art.
The Atelier division will develop special frames crafted from exclusive materials worked with innovative techniques. Featuring precious details and rich decorations, the products developed by the new division will be available in limited editions. Atelier will also offer a made-to-order service.
As part of Safilo’s 2020 Strategic Plan, developed by the group’s ceo Luisa Delgado, Safilo Group recently upped its stake in sun lens manufacturer Lenti, making it a wholly owned affiliate of the world’s second-largest eyewear manufacturer. Safilo acquired a further 24.4 percent stake in Lenti, based in Bergamo, Italy, on top of the 75.6 percent it already owned, reinforcing its stronghold in lens manufacturing.