By  on December 11, 2019

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.

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