Sep 13, 2021
Safilo shares jump on eyewear deal with influencer Ferragni
Sep 13, 2021
Safilo's shares rose more than 14% on Monday after the Italian eyewear group signed a multi-year licensing deal with Chiara Ferragni to design, make and distribute the first eyewear collection under the Instagram trend-setter's brand.
The full range, including optical and sunglasses, will come to the market in January 2022, Safilo said in a statement.
The collaboration with Ferragni, a 34-year-old Italian digital entrepreneur with almost 25 million followers on her Instagram account where she shares fashion and style advice, is meant to help Safilo in its digital strategy and in its bid to reach younger clients.
"It represents a perfect fit in our brand portfolio and a significant opportunity for us to grow in the contemporary segment," Safilo CEO Angelo Trocchia said in the statement.
Working with Ferragni has boosted other Italian fashion stocks in recent months.
Tod's shares jumped in April when the luxury shoemaker added her to its board as part of efforts to win over younger shoppers, and the stock's market capitalisation more than doubled in the following two months.
"After Tod's, the market has become accustomed to the fact that any deal involving Ferragni is positive news and people are rushing to buy," a Milan-based trader said.
By 1101 GMT, Safilo shares were up 8.6%, outperforming a 1% gain in Milan's All-Share index. The stock earlier rose as much as 14.2% to levels last seen in September 2018.
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