January 13, 2015 / 6:33 AM / 5 years ago

BRIEF-Safilo Group executes agreement with Kering

Jan 13 (Reuters) - Safilo Group SpA :

* Reported on Monday it has finalised and executed the agreement with Kering SA, signed on Sept. 2, 2014

* The company has received the first of three compensation payments of 30 million euros ($35.48 million)

* Safilo has also agreed with Kering that the Alexander McQueen, Bottega Veneta and Saint Laurent licenses will terminate on June 30, 2015

* The contract now executed confirms the three elements announced in September

* The conclusion of the current Gucci license agreement at the end of December 2016

* A strategic product partnership agreement for the development and manufacture of Gucci’s Made in Italy eyewear products, of the duration of four years, from January 2017 until December 2020, renewable upon mutual agreement

* Product development, industrialization and prototyping of the 2017 collections will start in Q4 2015

* Compensation received by Safilo of 90 million euros, paid in three equal instalments - following the first payment already received, the second will be paid in December 2016 and the third in September 2018

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