86
Fashion Jobs
SHISEIDO
K-Key Account Lead
Permanent · HO CHI MINH CITY
ADIDAS
Senior Director Product Creation Ftw
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Corporate Affairs & Reputation Manager - Corporate Affairs & Engagement
Permanent · HO CHI MINH CITY
JO MALONE LONDON
Education Manager, Jml/lm
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Senior HR Operations Executive/ Assistant Manager
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager (Franchise)
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Commercial, Adigolf, Vietnam 1
Permanent · HO CHI MINH CITY
ADIDAS
Key Account Manager 1 (Franchise)
Permanent · HO CHI MINH CITY
COLUMBIA
lo Costing & Engineering Manager
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Category Manager - Cpd
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Business Planning Manager - Cpd
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager Product Creation (Sportwear)
Permanent · HO CHI MINH CITY
L'OREAL GROUP
Product Manager - Shu Uemura
Permanent · HO CHI MINH CITY
ADIDAS
Manager, Quality Product Integrity
Permanent · HO CHI MINH CITY
TAPESTRY
Manager, Manufacturing Engineer
Permanent · HO CHI MINH CITY
SPECIALIZED
Painting Quality Engineer - Bình Dương, Vietnam
Permanent ·
ON RUNNING
Social Compliance Specialist - Hcm Based
Permanent · HO CHI MINH CITY
ADIDAS
Senior Manager, Sourcing Operations
Permanent · HO CHI MINH CITY
WILLIAMS SONOMA
Wood Sustainability Specialist - (Global)
Permanent · THUẬN AN
PUMA
Manager Quality Apparel & Accessories
Permanent · HO CHI MINH CITY
PUMA
Senior Executive, Finance
Permanent · HO CHI MINH CITY
PUMA
Head of Quality Footwear
Permanent · HO CHI MINH CITY
Translated by
Nicola Mira
Published
Sep 27, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Eyewear group Safilo launches share capital increase of up to €150 million

Translated by
Nicola Mira
Published
Sep 27, 2018

Italian eyewear manufacturer Safilo is moving forward with its reorganisation plan, launching a share capital increase of up to €150 million, through the issue of new ordinary shares. Safilo’s board of directors has convened an extraordinary shareholders meeting on October 29, to deliberate on the proposed capital increase.


safilogroup.com


In a press release, Safilo stated that the operation is designed “to support the overall programme of refinancing of the group’s debt expiring within the next twelve months, strengthening and optimizing Safilo’s capital and financial structure so as to allow the company to focus on the growth and development targets set forth in the group's update of the 2020 business plan, released on August 2 2018.”
 
As part of the refinancing programme, the HAL investment fund, which is Safilo's reference shareholder through its Multibrands Italy BV subsidiary - which owns a 41.6% stake in the eyewear group - has committed to subscribe both the new shares underlying its option rights for its current holding, and any unsubscribed new shares. 

Safilo's relaunch plan is therefore supported both by HAL and by a pool of leading banks, which have negotiated the terms and conditions of a new loan for up to €150 million over approximately four and a half years.
 
Safilo’s CEO Angelo Trocchia said that “the capital increase and the confirmed support of our reference shareholder and the lender banks represent a significant step for Safilo, following which the company will be ready to pursue with confidence the targets of its 2020 business plan, focusing on a few, very clear priorities.”

The eyewear group closed the latest six months of its financial year with a 10% revenue decrease, down to €492.2 million, and posted losses for €10.4 million (up from the previous €6.6 million). To deal with this crisis, Angelo Trocchia was forced to revise downwards the revenue guidance for 2020 - from €1.6-1.7 billion to just over €1 billion - and launched a cost-cutting plan to save €70 million which will also include a review of the group's employment levels.

Copyright © 2024 FashionNetwork.com All rights reserved.