MILAN — Safilo shares tanked on the Italian Stock Exchange on Wednesday, closing down 25.47 percent to 1.19 euros, following the presentation a day earlier of its 2020-24 business plan, which includes laying off 700 employees and a revision of its sales and margins forecasts.
“It’s not an easy decision to take, but it’s my responsibility to make sure Safilo will be here for another 150 years, to ensure its future,” said chief executive officer Angelo Trocchia during a press conference earlier in the day, and referring to the year the Italian eyewear company was founded, in 1878. “We must face the reality, the LVMH licenses that are exiting had an enormous weight on sales.” As reported, the business plan includes the exit of the Dior brand from Jan. 1, 2021, and that of the Fendi label from July 1 that same year. LVMH Moët Hennessy Louis Vuitton in 2017 signed a joint venture with Marcolin, called Thélios, for the production and distribution of eyewear collections.
@chrissyteigen was one of the best dressed celebrities at the Grammys 🧡
Tap the link in bio to see who else ruled the red carpet.
Grammys host @aliciakeys gave an emotional tribute to @kobebryant.
Keys followed these words with a piano performance singing, “We have to make this a celebration in his honor.. And I’m Alicia Keys to get you through it all... I’m gonna get you used to knowing music is love.”
@lizzobeeating opened the Grammys with a powerhouse performance that received a standing ovation.
Tap the link in bio for a behind-the-scenes look at how her stylist put together her and her dancer’s costumes.