PADUA, ITALY – Safilo Group announced that it has received expressions of interest to purchase its Solstice sunglass retail business in the U.S.
Selling Solstice would be an alternative to the current turnaround plan, the company stated, adding that it “has decided to proceed with the option to sell the relevant Solstice assets to a third party.”
Safilo said it’s “probable” that a sale will be completed this year.
Any sale would be subject to customary conditions, including “the positive outcome of a due diligence process currently under way,” according to the company.
Solstice was acquired by Safilo in 2002, when the retailer had six stores. Today it has 73 stores, of which 28 are outlets.
Safilo makes sunglasses, optical frames, sports eyewear and other products. It has subsidiaries in 40 countries, along with more than 50 distribution partners in key markets.
Safilo’s core brands are Carrera, Polaroid, Smith, Safilo and Oxydo.
Its licensed brands include Dior, Dior Homme, Fendi, Banana Republic, BOSS, Elie Saab, Fossil, Givenchy, havaianas, HUGO, Jimmy Choo, Juicy Couture, kate spade new york, Liz Claiborne, Love Moschino, Marc Jacobs, Max Mara, Max&Co., Moschino, Pierre Cardin, rag&bone, Rebecca Minkoff, Saks Fifth Avenue, Swatch and Tommy Hilfiger.