The revenues of the Fedon Group fell by 5.5 percent to €49.1 million in the first nine months of 2017. The rate of the decline would have been higher for the big Italian supplier of eyewear cases without its diversification into leathergoods, whose sales grew by 26 percent to €6 million at the retail and wholesale levels.
The growth was supported by the opening of new Fedon leathergoods stores. They are now 24, plus six shop-in-shops. A corner has just been opened in the remodeled department store of La Rinascente in Rome. New stores were opened during the fourth quarter in the airports of Lyon, Madrid and Barcelona
The supply of eyewear cases to large eyewear producers remained the core business of Fedon, representing nearly 80 percent of the total turnover, but this activity showed a sales decline of 5.8 percent during the nine-month period.
On the other hand, the company's diversification into the direct sale of eyewear cases to optical retailers did not work out so well in the first nine months of 2017. It showed a drop of 24 percent to €5.6 million, which the company attributes to a reorganization of the distribution that privileges higher-end clients in Italy and abroad who are willing to spend more on products with a higher added value. The process is not expected to bear fruits until the new year.
As previously reported, Fedon decided to stop trading on the Paris Euronext stock exchange last Sept. 14. The company will continue to provide information about its revenues, but not about the bottom line of its financial results.