Safilo enters retail sector

International eyewear company Safilo has acquired Loop Vision, a 61-practice group of opticians in Spain, for €23m marking its first entry into the retail sector in Europe.

The frame company released third-quarter results for 2006 showing turnover up 8.6 per cent to €844m (£573m). The group attributed these positive results to the good sales performance of its licensed products and significant growth in turnover of its house brand products.

Pre-tax profits reached €128.1m compared to €127.4m in the first nine months of 2005. Safilo said this improvement was achieved thanks to its positive third quarter, driven by admirable sales and cost efficiencies. Net profit rose by an impressive 83 per cent to €29.1m.