New co-CEO Massimiliano Tabacchi made first appearance in Treviso yesterday
The third generation to take over the reins of Safilo has a precise objective. «Refocus corporate commitment on industrial and commercial development». On August 3, Massimiliano Tabacchi will become joint chief executive of the eyewear group and this is how he described top-management orientation after Roberto Vedovotto left the scene and the Board of Directors appointed Claudio Gottardi (future joint chief executive) and Massimiliano, Vittorio Tabacchi's son.
Thirty-five years old, Massimiliano Tabacchi has been working in the group for some time (from factory management to head of the R&D and sport areas) and will soon take the last step before taking over Safilo from his father, Vittorio.
What led to the decision to hand over the management of the group to yourself and Gottardi?
«After five years of Roberto Vedovotto's excellent financial reorganization, the company now wants to go back to its origins. We have been an industrial company since 1934. Now we want to refocus on industrial and product development and on improving marketing. Claudio Gottardi is the right manager for this job».
Do you feel you are the manager of Safilo or the son of the group's president?
«Definitely a manager. I have been committed to the company for some time and I enjoy my work. My life could have been different, perhaps, but I preferred to work for the group. I'm one of those people who are happy to go back to work on Monday morning».
How much has share performance on the Stock Exchange influenced this change?
«Perhaps the market had doubts about the company's continuity. But I repeat, the fundamental signal is that Safilo has completed its turnaround. Thanks to this process, we have the resources to invest and a larger corporate dimension».
A signal that was picked up by the market.«If we exclude today's downturn (yesterday -2.2%, ed.), which is the result of a general falloff on the Stock Exchange, stocks are increasing. I am absolutely convinced that the shares will rise again.
The company is healthy and the market will recognize this in the medium term».
Is turnover increasing?
«I can say that the forecast for 2006 is in line with the first quarter (billings rose by 7.5% and Ebitda to +9.1%, ed.)».
What value does a family business have today?
«I am certain that a family structure can be a plus if handled correctly. In other words, if the entrepreneur has the courage to trust the managers. Safilo is an example from this point of view».
What will Safilo's new brand strategy be?
«As far as the licenses are concerned, we are working with Armani to produce a line with the Armani Exchange label. We are also investing a lot in own-label lines in the sports area with Smith and Carrera, and in the optics area with Carrera, Safilo, Oxydo and Blue Bay. As to possible brand acquisition, we are open assessing any opportunities that present themselves».
Which markets are of major interest?
«Undoubtedly the Far East, an area which has enormous potential because of the number of inhabitants and because of the physiological characteristics of a population that is, on average, more myopic».
The largest part of your production is made in Italy. Are there any changes in sight?
«It is a determining factor in the made in Italy top range».
