Italian eyewear group Safilo has reported revenue of €993.2 million for fiscal 2024, equivalent to a 2.3% decrease at constant exchange rates (and a 3.1% one at current rates) compared to 2023. The revenue downturn “reflected a combination of the termination of the Jimmy Choo license and the still unfavourable market dynamics for sunglasses and the sports business in North America,” the group said in a press release. Adjusted group net income was €34.2 million, more than double the result achieved in fiscal 2023.
Angelo Trocchia, CEO of Safilo – Unilever
“2024 was a year marked by a complex macroeconomic context, which affected business and consumer confidence, influencing demand dynamics in various sectors, including eyewear. In the face of market challenges, we proved our resilience and adaptability, consolidating our competitive edge through dynamic brand portfolio management and targeted investments,” said Safilo CEO Angelo Trocchia in the press release. “Navigating this business context, we took decisive action on the elements within our control, and we are pleased to report that we concluded the year with improvements across all economic metrics, most notably with gross industrial margin nearing 60% of sales, and adjusted EBITDA margin rising to 9.4%,” added Trocchia.
Looking at the current year, “the complexity of the macroeconomic and geopolitical landscape, and the growing challenges associated with it will continue to impact the markets in which we operate, making it especially difficult to predict business trends in the coming months,” said Trocchia, adding that “in this context, we remain focused on strengthening our partnerships, maintaining agility and operational flexibility, with the goal of seizing opportunities to return to revenue growth. Our commitment to continuous margin improvement and consistent cash generation remains unchanged.”
