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Company Profile

Safilo has been making eyewear products for 80 years, designing manufacturing and distributing high-quality prescription frames, sunglasses and sports eyewear under licensing agreements for leading luxury and premium brands as well as under its own brands.

Safilo directly controls the entire business cycle and it is strongly oriented towards product development and design. through its team of designers, who ensure the continual stylistic and technical innovation that has always been a distinguishing feature of the Group.

Based in Padua, Italy, Safilo is the second-largest manufacturer of eyewear products worldwide in terms of turnover and the world leader in the luxury eyewear segment. It is also one of the top three sports eyewear manufacturers and distributors.

On 19th October 2009 the Board of Directors approved a recapitalization plan for the Company which was executed in connection with an investment agreement underwritten by HAL Holding N.V., Only 3T S.p.A and Safilo. In March 2010, with the positive conclusion of the plan, Multibrands Italy B.V. (a subsidiary of HAL Holding N.V.) became the reference shareholder of Safilo Group, with 37.23% of its share capital.

In April 2012, Multibrands Italy B.V.'s stake in the share capital of the Company increased from 37.2% to 42.2%, following the underwriting of a reserved capital increase, part of the financial support deal following which Multibrands Italy B.V. has provided Safilo with around two thirds of the financial means to fund the acquisition transaction of the Polaroid Eyewear business. Multibrands Italy B.V.'s present stake in the share capital of Safilo Group is 41.6%.


Financial Highlights

Safilo’s total net sales reached Euro 1,047.0 million in 2017, contracting by Euro 194 million at constant currency compared to 2016. The reduction of sales was mainly driven by the change of the Gucci license into a supply agreement, representing a net decline of Euro 155 million (-12%), and by the implementation of the new Order-to-Cash IT system in the Padua DC early in the year. That event negatively affected deliveries and, while operationally recovered from mid-year, impacted order taking and thus reduced sales and profit up to and including the fourth quarter.
In the year, the sales of the Going Forward Brand Portfolio decreased by 3.9% at constant exchange rates, with Southern European countries being more affected by the above described Padua DC issues and by the decline experienced by the Dior collections after several years of extraordinarily strong growth. On the other hand, Own Core Brands and the total of all other licensed brands grew single digits, thanks in particular to the significant progress recorded by the Group in the emerging markets.

At the operating level, 2017 adjusted EBITDA stood at Euro 41.1 million, with the margin at 3.9% of sales (Euro 88.8 million and 7.1% of sales in 2016). This result mainly reflected the contraction recorded by the Group at the gross profit level, following the dilutive effect of the change of the Gucci license into a supply agreement and the sales decline of the Going Forward Brand Portfolio. The latter event affected capacity absorption of the Group’s Italian plants and the operational leverage of the year. In 2017, in line with the announced overheads productivity program, the Group achieved cost savings of Euro 13 million, partially counterbalanced by approximately Euro 4 million of exceptional costs incurred in relation to the abovementioned Padua DC issues.

Safilo closed 2017 with an adjusted Group net loss of Euro 47.1 million compared to the adjusted net profit of Euro 15.4 million recorded in 2016.
2017 adjusted net result does not include a non-cash impairment charge of Euro 192.0 million on goodwill allocated to its cash generating units (as already communicated on February 27, 2018), and non-recurring costs of Euro 12.5 million (Euro 15.2 million on EBITDA).

Annual results 2017 - Press release



Last updated: November 30, 2018

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