MILAN — Safilo’s Longarone plant has lastly been offered.
The eyewear firm mentioned Tuesday that it has finalized the sale of its storied manufacturing complicated within the Veneto area, one of many nation’s key eyewear manufacturing districts, to Thélios, the LVMH Moët Hennessy Louis Vuitton-owned eyewear producer, and Innovatek, owned by entrepreneur Carlo Fulchir.
“We labored with willpower to succeed in this settlement, which can guarantee, as we hoped, jobs for all the employees on the manufacturing web site in Longarone, permitting continuity of the present know-how within the sector,” mentioned Safilo Group’s chief govt officer Angelo Trocchia. “Regardless of the complicated state of affairs, because of the assist of the Veneto Area and commerce unions, we had been ready along with Thélios and Innovatek to create the circumstances for the very best output doable,” he mentioned.
Monetary particulars of the transaction weren’t revealed.
As reported, originally of September the events reached an settlement with commerce unions whereby all earlier Safilo workers would transition to the brand new corporations, that are taking on the commercial complicated.
Thélios mentioned Tuesday that it’s going to make use of 247 Safilo staff at its new “campus,” as the corporate calls the multicomplex manufacturing web site ensuing from the addition of Safilo’s Longarone plant to the close by Manifattura Thélios premise. The LVMH-owned firm at present employs about 1,000 staff within the space.
“With this strategic deal for Thélios, LVMH additional strengthens its presence in Italy persevering with to assist the ecosystem of corporations contributing to the group’s success,” mentioned Toni Belloni, managing director of LVMH. “Because of this extra funding on the territory, our maisons, counting on Thélios for the manufacturing of eyewear collections, can rely on a high-value and famend know-how to assist their progress and preserve their management in luxurious eyewear.”
The transaction comes after Thélios acquired Metallart in 2022, a metalworking atelier within the area.
“This deal will enable us to internalize pivotal phases in eyewear manufacturing, guaranteeing full high quality management…and it confirms our dedication to worth the wonderful know-how of this district with strategic investments,” mentioned Alessandro Zanardo, CEO of Thélios. The chief touted the position performed by the Veneto area and its metropolis counselor for employment Elena Donazzan in easing and supporting the transaction course of.
Innovatek emerged as a runner-up within the plant’s rescue course of final summer season, squelching earlier hypothesis that Marcolin might participate within the deal. Innovatek submitted a ten million-euro marketing strategy pledging to rent greater than 200 Safilo workers. Its proposal had a lukewarm reception from native commerce unions on the time, which expressed doubts about Innovatek’s skill to meet its dedication.
Over the previous few years, Safilo has been restructuring and realigning its industrial footprint to the brand new manufacturing situation the corporate confronted with the anticipated exit of the Dior, Fendi and Givenchy manufacturers, following the choice in 2017 of LVMH Moët Hennessy Louis Vuitton to create a enterprise with Marcolin, known as Thélios, for the manufacturing and distribution of eyewear collections.
In 2021, LVMH took full management of that enterprise after agreeing to buy Marcolin’s 49 p.c stake within the enterprise for an undisclosed sum. Individually, Marcolin purchased again the ten p.c stake LVMH owned in that Italian firm. Thélios’ state-of-the-art, 194,400-square-foot plant inaugurated in 2018 can also be primarily based in Longarone.
With the completion of the deal, Safilo will depend on its two remaining manufacturing websites in Santa Maria di Sala and Bergamo, in addition to a logistic heart in Padua. In mid-2020 Safilo closed the method for the sale of the enterprise department of its Martignacco manufacturing web site to iVision Tech, an area eyewear-maker additionally launched and managed by the Fulchir household.
Within the first six months of the 12 months, the resilience of the European market and a rebound of gross sales in Asia made up for smooth enterprise in North America, as Safilo Group closed the interval with revenues of 550.1 million euros, down 3.6 p.c in contrast with 570.9 million euros in the identical interval final 12 months.
Along with proprietary manufacturers together with Smith, Carrera and Polaroid, Safilo produces eyewear collections below license for manufacturers from David Beckham, Carolina Herrera and Chiara Ferragni to Isabel Marant, Jimmy Choo, Marc Jacobs, Missoni and Moschino, amongst some.
Final September, the corporate inked a multiyear eyewear license with Stuart Weitzman and introduced a brand new high-tech Carrera mannequin in partnership with Amazon, geared up with sensible options courtesy of Alexa, as reported.