The equity research team of the U.S. bank Citigroup believes that Safilo has a 60 percent chance of retaining the licenses of the Armani group expiring at the end of 2012 and a 40 percent probability of losing them. Meanwhile, it reckons that Luxottica has a 30 percent of regaining the brand that it lost to Safilo in 2003, putting an end to a partnership started in 1988. Losing the A/X Armani Exchange, Emporio Armani and Giorgio Armani licenses would be a blow to Safilo because the brands are estimated to represent 15-20 percent of its revenues.