Safilo, the Italian eyewear giant renowned for crafting eyewear for prestigious brands like Hugo Boss and Tommy Hilfiger, faced a notable 20% year-on-year drop in adjusted core profit, settling at 18.1 million euros for the quarter. This dip is primarily attributed to faltering sales in former GrandVision chains scattered across Europe and the prevailing market challenges in North America.
For the quarter spanning July to September, Safilo disclosed net sales amounting to 235 million euros ($252.20 million), marking a decline from the previous year’s figure of 260.4 million euros. Adjusted for exchange rates, third-quarter sales experienced a 3.9% contraction compared to the corresponding period last year.
Despite the headwinds in the eyewear industry, Safilo exhibits resilience by strategically extending the mandate of Chief Executive Angelo Trocchia for an additional three years. This decision underscores Safilo’s commitment to navigating market complexities and reinforces its position as a pivotal player in the global eyewear landscape.
Stay informed about Safilo’s strategic moves and market adaptations as it continues to uphold its legacy of crafting eyewear synonymous with luxury and style. Explore the dynamics of the eyewear market with Safilo, a stalwart in the industry.