Safilo To Sell Solstice Retail Chain

Safilo Group S.p.A. has recently received was it calls “expressions of interest” to purchase the Group’s Solstice retail business in the United States, and it is willing to sell.
Following the management’s evaluation of a divestiture as a potential alternative to the current turnaround plan included in the Group’s business strategy, the Board of Directors has decided to proceed with the option to sell the relevant Solstice assets to a third party.
Safilo Group bought Solstice Sunglasses—a luxury sunglass boutique chain—in 2002. At that time, there were just six locations. The chain has grown to more than 80 locations throughout the country, with a thriving e-commerce channel through its website.
In a statement to the press released today, Safilo noted: “While any possible transaction is subject to condition precedents customary for this kind of transaction, including the positive outcome of a due diligence process currently under way in relation to a non-binding offer received and the negotiation of satisfactory related agreements, the Group considers probable a sale to be concluded within 2019.”
As envisaged by IFRS 5, the Group will reflect any financial consequence of a possible transaction in the
respective 2019 financial statements.