Padua, January 12, 2015, h. 5.40pm – Safilo Group, the fully integrated Italian Eyewear creator and worldwide distributor of quality and trust, communicates that the agreement with Kering, announced on September 2, 2014, has been executed, and the first of three compensation payments of Euro 30 million has been received today.
In order to optimize the profitability and the strategic relevance of its brand portfolio going forward, Safilo has also agreed with Kering that the Alexander McQueen, Bottega Veneta and Saint Laurent licenses will terminate on June 30, 2015.
The contract now executed confirms the three elements announced in September:
the conclusion of the current Gucci license agreement at the end of December 2016;
a Strategic Product Partnership Agreement for the development and manufacture of Gucci’s Made in Italy eyewear products, of the duration of four years, from January 2017 until December 2020, renewable upon mutual agreement. Product development, industrialization and prototyping of the 2017 collections will start in Q4 2015;
a compensation received by Safilo of Euro 90 million, paid in three equal installments – following today’s payment, the second will be paid in December 2016, the third in September 2018.