Safilo Group has announced that it has signed an agreement to sell US retail chain Solstice to Fairway LLC.

The transaction will be expected to be completed within the third quarter of 2019. Fairway LLC is an American company that was formed by a group of investors in the US and European eyewear retail business.

Safilo has said that the sale of the Solstice retail business has confirmed the group’s efforts to focus on its core wholesale business and that this has marked a further key step in Safilo’s strategy of recovering a sustainable economic profile.