Italian eyewear group Safilo and Banana Republic renew license
Italian eyewear specialist Safilo Group and Banana Republic have announced their third consecutive licensing agreement for the American brand’s eyewear collections, beginning on February 1 of 2019 and continuing through January 31 of 2025. The renewed contract was originally signed by the two companies in 2006.
This continued agreement "further strengthens the partnership between Safilo and Banana Republic, and represents an opportunity to build on the brand’s steady business in the contemporary lifestyle segment for both men and women," the eyewear brand said in a press statement.
In August, Safilo lowered its sales target for 2020 after announcing an expected three percent dip in overall sunglasses sales, as a result of a lackluster sunny season in Europe and ongoing weakness in North American department stores. The group also moved to withdraw from external glasses makers and bring more production in-house.
Under the company's new CEO Angelo Trocchia, Safilo said it expects sales to grow by 2 percent per year and amount to between 1 and 1.2 billion euros in 2020.
Core Safilo Group brands include Safilo and Polaroid, as well as licensed brands Bobbi Brown, Dior and Fendi.
Owned by Gap Inc., Banana Republic is one of its parent company's stronger brands. However, this performance hasn't stopped Gap's plans to shutter several Banana Republic locations in the coming years, as the brand rivals online accessory and apparel powerhouses like Amazon.
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