Safilo gains stronger foothold in the Middle East
today Jun 13, 2017
Safilo continues to broaden its international distribution network, having signed a new contract with Dr. Mazen Fakeeh C. Healthcare Company, specialised in healthcare and eyewear. The Italian eyewear manufacturer controlled by Dutch investment fund Hal has signed with the Saudi company "an exclusive agreement for the distribution in Saudi Arabia from mid-June 2017." The news was announced in a press release, giving no details about the contract's term.
At the same time, Safilo has renewed its partnership deal for over 25 years with Optitalia Gulf, covering the distribution of Safilo products in the other countries belonging to the Gulf Cooperation Council: Bahrain, Oman, Qatar, the UAEs and Kuwait.
In 2014, the Italian group opened a subsidiary in Dubai to supervise its India, Middle East and Africa division, which in 2016 posted "a double-digit figure for the second consecutive year," according to the press release. Safilo has also recently made inroads into Iran, having signed a deal last April with Maxivision, a company active in the country through local distributor Noor Gostaran Azin Aryan Company.
As do the latter and Optitalia Gulf, the Dr. Mazen Fakeeh C. Healthcare Company will distribute all the brands featured in Safilo's portfolio, from accessible labels such as Polaroid and Havaianas, to high-end ones like Elie Saab and luxury labels such as Dior, Fendi and Givenchy. Sales will be promoted via two new showrooms, in Jeddah and Riyadh, and via "a newly created local network."
After suffering a 2% downturn in annual revenue, in this year's first quarter sales for Safilo slumped by 21.3% (-22.8% at constant exchange rates), down to €237.3 million.
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