Hugo Boss renews eyewear licensing deal with struggling Safilo
The Italian eyewear maker had a contract with Hugo Boss Group until 2020, and losing the license would have meant another blow to the business after LVMH decided to end to take its Dior license elsewhere from next year.
News of the Hugo Boss renewal will give investors some reassurance following a difficult year for the eyewear group controlled by Dutch investment fund HAL. Safilo’s share price has fallen by 55% over the past 12 months, and was trading at €0.99 on Monday morning.
“This renewal is built on the strength of a trusting and long-lasting business partnership,” highlighted Angelo Trocchia, CEO of Safilo Group in a statement.
“The Boss and Hugo collections further reinforce our premium fashion proposition, giving us the opportunity to accelerate this segment’s expansion by offering our customers two powerful brands with extremely clear and relevant positions aimed at differing consumer targets and geographies, with products that translate the quality and style of the Boss and Hugo brands.”
Ingo Wilts, chief brand officer at Hugo Boss, added: “We are delighted to continue our partnership in the eyewear category with Safilo. Over the years, Safilo has demonstrated that they understand our brand DNA perfectly, translating our values into a product which truly represents us.”
“Safilo has the scale and the capabilities to implement our strategic vision to continually add value to our brands,” he continued.
Safilo, whose half-year report revealed a net loss of €273.2 million, still retains licenses to brands including Max Mara, Jimmy Choo, Fendi and Givenchy.
And this year it signed new agreements with David Beckham, Missoni and Levi’s.
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