×
1 317
Fashion Jobs
ESTÉE LAUDER
Clinique - Consultant - Boots, Fosse Park- 7.5 Hours - Part Time, Permanent
Permanent · Leicester
MICHAEL KORS
Sales Supervisor, Multrees Walk
Permanent · EDINBURGH
VASHI
Talent Acquisition Partner
Permanent · LONDON
LEVI'S
Senior Trade Compliance Analyst
Permanent · Northampton
FOOT LOCKER
Geo Marketing Manager United Kingdom
Permanent · London
VANS
Account Coordinator - French Speaking - Vans
Permanent · NOTTINGHAM
ESTÉE LAUDER
Tom Ford - Business Manager - Selfridges, Birmingham - 37.5 Hours - Full Time, Permanent
Permanent · Birmingham
ESTÉE LAUDER
Marketing Executive, Tom Ford Beauty, Kilian, Darphin And le Labo - Travel Retail Emea (Based London)
Permanent · London
ESTÉE LAUDER
Corporate Account Executive, Lagardere, Dfs, Inflight And Aquatic - Travel Retail Emea (Based London)
Permanent · London
ALEXANDER MCQUEEN
Collection Coordinator Assistant
Permanent · LONDON
ESTÉE LAUDER
Clinique - Consultant - Boots, Oxford - 24 Hours - Part Time, Permanent
Permanent · Oxford
ESTÉE LAUDER
Clinique - Consultant - Boots, Sedley Place London - 37.5 Hours - Full Time, Permanent
Permanent · London
PAUL SMITH
Office Administrator
Permanent · NOTTINGHAM
FRASERS GROUP
Trainee Commercial Manager
Permanent · SHIREBROOK
FOREO
Key Account Manager
Permanent · London
ESTÉE LAUDER
Clinique - Consultant - John Lewis Edinburgh - 26 Hours - Part Time, Permanent
Permanent · Edinburgh
BEARA BEARA
Marketing Executive (Taiwanese)
Permanent · LONDON
BRANDLAB 360 - HULA
Hula by Barbara Hulanicki – Wholesale Sales Manager
Permanent · LONDON
HOMEGOODS
Loss Prevention Detective
Permanent · Countryside
TK MAXX
10933-Loss Prevention Officer Sth Ruislip
Permanent · Ruislip
TK MAXX
10933-Loss Prevention Officer Haringey
Permanent · London
ESTÉE LAUDER
Aveda Haircare Category & Marketing Planning Manager
Permanent · London
By
Reuters
Published
Mar 10, 2009
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Safilo shareholder in talks with possible investors

By
Reuters
Published
Mar 10, 2009

* Contacts underway with some potential investors

* Shares close up 24 percent

(Adds analyst comment, details, background)

By Marie-Louise Gumuchian

MILAN, March 10 (Reuters) - Italian eyewear maker Safilo SpA's (SFLG.MI) main shareholder said it was in talks with potential investors and could dilute its stake in the company, boosting Safilo shares on hopes of a cash injection.

Only 3T, which has 39.9 percent of Safilo -- maker of eyewear for designers like Gucci and Dior -- said in a statement on Tuesday contacts were underway with several potential partners but no deal had yet been defined.

Safilo shares closed up 24.4 percent at 0.352 euros after brief limit-up suspensions. A bourse official said Safilo shares trade in a segment which closes at 15:35 GMT.

"Various options aimed at strengthening the capital structure of Only 3T and Safilo Group are being examined, with the aim of obtaining new financial means for the group," Only 3T, controlled by the Tabacchi family, said in a statement.

"The Tabacchi family is willing, if necessary, to see its equity holding diluted," it said.

Earlier Italian financial daily Il Sole 24 Ore had said the Tabacchi family may dilute its stake to 10 percent after a possible recapitalisation to relaunch the company. It said other options to relaunch Safilo were also being studied.

It said three private equity firms were in the running -- CVC, Bain Capital and PAI. They were not immediately available for comment.

Only 3T had said in January it was talking to potential partners on ways to strengthen and develop the company.

Safilo said last month its 2008 net profit fell 71.3 percent to 14.6 million euros ($18.5 million), as demand slowed and high production costs in Italy also weighed.

Its net debt reached 570 million euros in 2008, up from 514.6 million euros at the end of 2007, but in line with the value registered at the end of September, it said.

"Safilo definitely needs a cash injection of at least 200 to 250 million euros," UniCredit said in a note.

"We suppose the new partner could afford to pay up to 0.90 euro per share and still generate attractive returns, but Safilo's price weakness in the last few weeks clearly favours the buyer," the note said.

Fitch Ratings last month placed Safilo on "Watch Negative", while Standard & Poor's lowered its long corporate credit rating to "B-". Moody's downgraded Safilo to "B2". (Additional reporting by Quentin Webb in London; Editing by Greg Mahlich and David Holmes)

© Thomson Reuters 2022 All rights reserved.