Italian eyewear group Safilo said its 2017 adjusted core profit was set to halve from a year earlier after fourth-quarter sales dropped more than expected as the loss of its Gucci licence continued to bite.
The Italian eyewear company moved its headquarters from Parsippany, NJ, its home of 20 years, to Secaucus, NJ. The new office will work in tandem with the company's Fifth Avenue Global Design Studio and Showroom.
Italy's Safilo, which makes glasses for Boss, Fendi and other fashion brands, reported a steep drop in first quarter net sales after a new IT system at its Padua distribution centre disrupted deliveries.
While high-end watches are still out of reach for most people, the increasing prevalence of deals on the grey watch market highlights the perplexing predicament in which luxury watchmakers now find themselves.
Italian eyewear group Safilo can make up for the potential loss of design-to-distribution deals with French luxury group LVMH with new licences and by expanding its own brands, its chief executive said on Friday.