Safilo eyes recovery after sales slump

Italian eyewear group Safilo has focused on a recovery plan after it revealed a 4% drop in sales in 2018.

The company netted €962.9m in 2018, down 4.0% at constant exchange rates. The fall in sales was attributed to the weak performance of its sunglass portfolio. The exit of its Celine licence accounted for half of the sunglass sales contraction.

When compared with last year, the company said it was making progress. In 2018, Safilo’s economic results improved due to progress on its cost saving initiatives. It closed the year with an adjusted Group net loss of €26.7m, compared with an adjusted net loss of €47.1m in 2017.