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Tuesday / August 16.
HomeminewsSafilo Feels The Crunch

Safilo Feels The Crunch

The world economic crisis has hit the eyewear industry in a big way with Safilo, one of the world’s biggest makers of spectacles and sunglasses reportedly laying off workers and cutting production.

Reuters reported Safilo had net debt of 570 million euros at the end of last year and could need a capital injection of about 250 million euros, according to analysts.

Safilo told Reuters it was reducing production facilities in Italy and Slovenia, shutting down an Italian plant and laying off 1,250 people. It said it is shifting some production operations to China, but wouldn’t lose its ‘Made In Italy’ label.

As the economic crisis bites into demand Safilo is bracing itself for a tough year and expects first-quarter sales to be down 10-15 percent.

Italian eyewear production has fallen more than 10 percent during the first quarter, according to industry body Anfao.

“One of the few great assets of Italy is the eyewear industry … I really hope the industry comes out in good shape,” Andrea Guerra, CEO of market leader Luxottica told a recent presentation.

“In the next two, three, four months, some things will happen in the industry around the world. There are many (players) which are not healthy today, so let’s see what happens.”

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