Eyewear brand's shares soar after deal with Instagram influencer Chiara Ferragni
1 min read 13 Sep 2021, 06:23 PM ISTWorking with Ferragni has boosted other Italian fashion stocks in recent months as wellStock market capitalisation of footwear maker Tod’s SpA jumped more than doubled after Ferragni was appointed to its board
PremiumShares of eyewear brand Safilo Group SpA rose more than 14% on Monday after top fashion and Instagram influencer Chiara Ferragni signed a deal with the Italian company. The stock rose to its highest since September 2018.
The deal entails Safilo to design, manufacture and distribute the first line of Ferragni-branded glasses, which will go on sale in January 2022.
“Safilo represents not only excellence in eyewear but also, similarly to my brand, a great example of Italian spirit," Ferragni said in a statement.
“They strongly believed in my brand and in developing this new category. I chose Safilo because of their commitment to excellence and innovation. We worked together to create this collection and I can't wait to unveil it next year," she added.
The collaboration with Ferragni 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.
Working with the 34-year-old Italian digital entrepreneur has boosted other Italian fashion stocks in recent months as well.
Stock market capitalisation of footwear maker Tod’s SpA jumped more than doubled after Ferragni was appointed to its board as part of efforts to win over younger shoppers.
"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.
Ferragni started her career with the launch of the fashion blog theblondesalad.com in 2009. She launched her personal brand, Chiara Ferragni Collection, in 2013. Ferragni has more than 24 million followers on Instagram.
