Safilo loses Armani but buys Polaroid Eyewear

Safilo, which has lost the Armani licence (see below), has signed an agreement to purchase the Polaroid Eyewear business from the StyleMark group for $87.5m.

Polaroid has offices in the UK, Switzerland, the US, Italy, Sweden, Netherlands, China and Russia, as well as distribution partners worldwide. The company, which invented the first man-made polariser for commercial use in 1929, sold its first pair of Polaroid sunglasses in 1935. It is expected to record sales of $63m for the year 2011.

Safilo stated that the acquisition of the Polaroid Eyewear business was consistent with its strategy of building a strong portfolio of brands to complement its licensed brand portfolio. The move would give high growth potential, particularly outside Europe where Polaroid was under-represented.