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Safilo's former CEO faces probe over alleged insider trading
October 15, 2015 / 9:08 PM / 2 years ago

Safilo's former CEO faces probe over alleged insider trading

MILAN, Oct 15 (Reuters) - Italian prosecutors have ordered the “preventive seizure” of assets worth 1.3 million euros ($1.5 million) from Roberto Vedovotto, former chief executive of eyewear group Safilo, as part of an investigation over alleged insider trading.

According to the seizure order, seen by Reuters on Thursday, the prosecutors allege that Vedovotto sold shares in Safilo several months after joining French luxury group Kering but before it was announced that Kering had decided to create its own eyewear division and end a key licensing agreement between Safilo and its subsidiary Gucci.

Vedovotto, now chief executive of Kering Eyewear, did not immediately respond to an emailed request for comment. A spokeswoman at Kering Eyewear declined to comment.

Last year Safilo’s shares fell 30 percent after Kering announced on Sept. 2 that it had decided to create its own in-house eyewear division and would end the Gucci licensing agreement with Safilo in 2016. ($1=0.8789 euros) (Reporting by Manuela D‘Alessandro in Milan,; additional reporting by Jean-Michel Belot in Paris; Writing by Agnieszka Flak; Editing by Greg Mahlich)

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