Italy-based eyewear firm Safilo Group SpA announced on Wednesday that it had sold a large portion of its retail unites to Hal Holding NV for $19.7 million.
Hal Holding obtained the Spanish chain Loop Vision, Australia’s Just Spectacles, and all of Safilo’s Chinese retailers. Safilo now only holds American chain Solstice, and Mexican chains Sunglass Island and Island Optical, though they will sell the Mexican shops if need be.
The sale was part of a deal between the two groups made in December, which will keep Safilo away from bankruptcy and ultimately give Hal Holding almost 50% ownership of the Italian firm. Safilo’s debts prior to the deal amounted to a staggering $848.9 million.
Yeesh! That’s a lot of money.
In spite of all this, Tommy Hilfiger has still signed on with Safilo in a five year license to produce sunglasses and prescription frames for the brand, starting next year. Other brands licensed by Safilo include Armani, Gucci, Marc Jacobs, Yves Saint Laurent, and Valentino.
Let’s hope the new Hal Holding deal helps Safilo pull itself up by the boot straps!
[Image courtesy of Safilo Group.]
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