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Safilo Shares Jump on Eyewear Deal With Chiara Ferragni

Chiara Ferragni outside Alberta Ferretti during Milan Fashion Week Autumn/Winter 2020. Getty Images.
Chiara Ferragni outside Alberta Ferretti during Milan Fashion Week Autumn/Winter 2020. Getty Images.

Safilo’s shares rose more than 14 percent 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 Reuters Team

Learn more:

Chiara Ferragni to Join Tod’s Board of Directors

The Italian influencer and entrepreneur’s “knowledge of the world of young people will be extremely valuable” to the maker of suede driving loafers and Roger Vivier heels, Tod’s president Diego Della Valle said in a statement.

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