Safilo to sell US sunglasses retailer Solstice

The board of directors of Italian eyewear group Safilo has decided to put US sunglasses chain retailer Solstice up for sale.

Safilo announced the decision in a press release, following the recent manifestations of interest it received for the purchase of the US chain specialising in sunglasses. Safilo's management is considering the possible sale as an alternative to the current turnaround strategy featured in the business plan.

Safilo thinks that Solstice’s sale could be realised in 2019, although it stated that any operation would be subject to the verification of the conditions typical for this type of transaction, including the positive outcome of the due diligence procedure currently under way, as a result of a non-binding offer received, as well as the satisfactory negotiation of all related agreements.