Pursuits
Safilo Plunges as LVMH Said Close to Buying Marcolin Stake
- LVMH could make Marcolin a production hub, shutting out Safilo
- Safilo has pact to make glasses under LVMH’s Celine brand
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Safilo Group SpA shares plunged on concern that the eyewear maker could lose some business with LVMH, which is nearing a bid for a minority stake in Italian glasses-maker Marcolin SpA, according to people familiar with the matter.
The world’s largest luxury-goods company may buy 10 percent of Marcolin, said the people, who asked not to be identified because the deliberations are private. The stake sale could value all of Marcolin, owned by buyout firm PAI Partners, at as much as 500 million euros ($531 million), one of the people said. A deal could be announced as soon as this month, though no final decisions have been made, the people said.