All Article articles – Page 56
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ArticleEssilorLuxottica sues GrandVision over Covid-19 disclosure
EssilorLuxottica has initiated legal proceedings before a district court in Rotterdam to obtain information from GrandVision regarding the management of its business during the Covid-19 pandemic and the extent to which it has allegedly ”breached its obligations under the support agreement.” The Franco-Italian eyewear company, which made a €7.2 ...
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Antares eyes distressed Italian fashion assets
Italian private equity and debt-management group Antares is launching a new fund targeting investments among the country’s small and mid-sized financially-struggling fashion companies, whose ranks have grown with the Covid-19 pandemic. Antares has already raised €50 million in fresh cash for its “luxury and lifestyle” turnaround fund, largely with Italian ...
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JINS’ revenues down by 38 percent in Q3
Revenues were down by 37.8 percent year-on-year to 10,303 million yen (€84.2m-$96.2m) in the third quarter ended on May 31 for JINS, the Japanese-based low-cost optical retail chain. The company, which was able to maintain a good momentum in the previous quarter, was more severely hit in the third quarter ...
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ArticleUK industry unites around 100% Optical after Optrafair cancellation
The Federation of Manufacturing Opticians (FMO), together with the show organizer MA Exhibitions, have decided to cancel Optrafair 2020, which was due to take place Sept 19-21, at the National Exhibition Centre in Birmingham, England, due to the continued uncertainty surrounding events as a result of the Covid-19 pandemic. FMO ...
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ArticleOnly a quarter of U.K. companies are ready for Brexit
Only 24 percent of U.K. business leaders believe that their businesses are fully ready for the end of the Brexit transition period, which concludes on Dec. 31, according to a survey by the Institute of Directors (IoD). According to the survey, 19 percent of respondents said that they are ...
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ArticleEU may ask Essilux to sell stores in GrandVision deal
The European Commission may ask EssilorLuxottica to sell stores in Italy and another EU country, either France or the Netherlands, to secure its planned 7.2 billion euro acquisition of GrandVision, according to the newspaper Financial Times. But the company has not yet committed to selling shops as it argues that ...
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ArticleInspecs takes over Norville’s manufacturing operations
(Update) Inspecs has bought the manufacturing operations of The Norville Group that was placed into administration after becoming insolvent. The assets were bought from the administrator, BDO LLP, for £2.4 million in cash (€2.6m-$3.0m). The acquisition includes £1.2 million (€1.3m-$1.5m) of freehold property for Norville’s Gloucester site and the remainder ...
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ArticleThe EU extends deadline for Essilux-GrandVision probe to Aug. 20
Once again the the European Commission has pushed back the deadline for completion of its in-depth anti-trust investigation into EssilorLuxottica’s planned €7.2 billion takeover of GrandVision, according to a filing on its website. The deadline was postponed by a week, or five working days, to Aug. 20 from Aug. 13 ...
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ArticleVision Expo West cancelled due to Covid-19 uncertainty
The Vision Council and Reed Exhibitions, the organizers of Vision Expo, have decided to cancel Vision Expo West 2020, that was scheduled to be held in Las Vegas, Nevada, from Sept. 23 to 26 due to ongoing concern about the coronavirus pandemic. The decision comes after the governor of Nevada, ...
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ArticleFielmann’s first-half sales drop to €611 million
Fielmann’s first-half sales declined to 3.1 million glasses from 4.1 million a year earlier, while consolidated revenues dropped to a preliminary estimate of €611 million from €758.2 million due to the impact of the Covid-19 pandemic. External sales, including value-added tax and inventory, slipped to €710 million from €884.4 million. ...
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ArticleHow are retailers managing excess stock in Covid-19 times?
Managing stock has always been a tricky part of any business. But it becomes even more so when demand evaporates overnight as occurred with the outbreak of the Covid-19 pandemic and the subsequent lockdowns worldwide, prompting manufacturers and retailers to be nimble and explore various different solutions.
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ArticleCovid-19 spurs rent renegotiations, partnerships
Retailers from Europe to the U.S. have sought rent relief as they reel from Covid-19 shutdowns and reopen stores faced with higher costs to meet health and safety requirements and uncertain sales prospects. Although some landlords have taken a hard line, many are trying to help keep retail tenants afloat ...
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ArticleOne thing is growing faster than online fashion sales: digital CMR
The Covid-19 pandemic has truly changed the rules of the fashion retail game, accelerating some trends that were already developing and leading to completely new scenarios that are testing the strengths of even the strongest brands. Digitilization is a major force in this scenario, but it is not growing fastest ...
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ArticleEssilorLuxottica sees first signs of recovery
EssilorLuxottica is seeing the “first signs of recovery” as lockdowns introduced worldwide to slow down the spread of the Covid-19 pandemic are lifted. In a prepared message delivered to shareholders at the company’s annual general meeting, the executive chairman Leonardo Del Vecchio and executive vice-chairman Hubert Sagnières indicate that the ...
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DaTE trade show plans to go ahead in September
The small Italian trade show DaTE, which in the past few years has been held in the second half of September in Florence, confirmed its intention to hold this year’s edition despite the Covid-19 health crisis. Mido, which is DaTE’s partner, is currently working on the event, but the decision ...
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Italian components group Margot looks to grow
Margot, an Italian group that makes metallic components for luxury leather goods, shoes and eyewear that is controlled by the private equity Mandarin Capital Partners, is looking to expand with an acquisition in the third or fourth quarter of this year, says Andrea Tuccio, a partner with Mandarin. The aim ...
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French customers maintain their eyewear purchase intentions
Six weeks after the lockdown restrictions were lifted in France, a new opinion poll of French customers by Opinion Way for Gifo, the national eyewear industry association, broadly confirmed the trends observed in the initial survey about a month ago. Less than 3 percent of the 1,537 respondents said they ...
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ArticleCovid-19 keeps Silmo on its toes
The organizers of Silmo Paris have announced that, in spite of the uncertainties caused by the Covid-19 pandemic, about 700 exhibitors representing 80 percent of the exhibition space have already confirmed their participation in the next edition, scheduled for Oct. 2-5. Last year, the French show hosted 970 exhibitors and ...
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ArticleItalian eyewear exports seen down 25% in 2020
Exports of Italian eyewear are expected to fall by 25 percent, or nearly €1 billion, this year after dropping an estimated 41 percent, or over €850 million, in the first half and are forecast to drop by 7 percent, or some €130 million, in the second part of the year ...
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ArticleRinascente launches its online store
Italian upmarket retailer Rinascente, one of the major department store chains in the country, made its e-commerce debut with a dedicated website. The online store features 15,000 products from 650 brands in all product categories, spanning fashion, accessories (including Italian and international footwear and eyewear brands), beauty, food and design. ...
