Safilo concludes its share buyback program
The group announces the completion of its buyback and focuses on stability and margin growth
The eyewear group has announced the conclusion of its share buyback program, which began on July 1, 2024. The operation, finalized on November 22, resulted in the purchase of 11 million ordinary shares, representing approximately 2.66% of the outstanding shares. The total value of the buyback amounted to €11.8 million, with an average weighted price of €1.07 per share.
The buyback was carried out on the Euronext Milan market, managed by Borsa Italiana, as part of the company’s strategy to optimize capital management and deliver greater value to its shareholders.
Safilo: stable revenues, growing margins, and a recovery in wholesale sales
The eyewear group, owner of brands such as Carrera and Polaroid and licensee of David Beckham eyewear, reported a slight decline in revenues for the first nine months of 2024. Sales totaled €757 million, down 2% compared to the same period in 2023 (-3.4% in the quarter). Adjusted EBITDA remained stable at €75.4 million, while the gross industrial margin improved significantly, reaching 59.7% (+120 basis points).
In the third quarter, wholesale sales of optical frames and sunglasses showed a recovery, driven by growth from brands such as Carrera, Boss, David Beckham, Tommy Hilfiger, and Marc Jacobs. However, the sunglasses market experienced weaker demand in online channels and the sports segment, as consumers adopted a cautious approach to purchases ahead of the winter season.
In 2023, Safilo Group closed with net revenues of €1 billion.