February 27, 2018 / 5:19 PM / in a year

Safilo to book goodwill impairment of 190-200 mln euros in 2017 results

MILAN, Feb 27 (Reuters) - Italian eyewear group Safilo said on Tuesday it would ask its board at a March 13 meeting to approve booking a goodwill impairment of between 190-200 million euros into last year’s accounts.

The move comes after Safilo said earlier this month it was replacing Chief Executive Luisa Delgado with Angelo Trocchia, a former Unilever executive.

Safilo warned in January its 2017 adjusted core profit would halve from a year earlier after fourth-quarter sales dropped more than expected as the loss of its Gucci licence continued to bite and an IT-related disruption hurt deliveries.

Safilo, the world’s second biggest eyewear manufacture behind domestic rival Luxottica, is suffering following Gucci-owner Kering’s decision to turn a 350 million euro licence accord into a four-year production deal as it set up its own spectacles business. (Reporting by Valentina Za. Editing by Jane Merriman)

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