Shades of Ronaldo; Agnelli heir swoops for soccer star's sunglasses

IIG SpA in Liquidazione

29/01/2020 15:07

By Elvira Pollina
    MILAN, Jan 29 (Reuters) - Luxury eyewear group Italia
Independent  IINT.MI  is hoping to borrow some of Cristiano
Ronaldo's star appeal.
    On Wednesday it announced a five-year licensing agreement
with the Portuguese forward as it strives to boost revenues
after heavy losses last year.
    Under the deal, Ronaldo is to design a sunglass collection
under his CR7 brand, known for luxury underwear.
    The market received the news enthusiastically. Shares were
automatically suspended on Milan's AIM platform for smaller
companies on Wednesday after excessive pre-session trading.
    Founded by Lapo Elkann, grandson of the late Fiat patriarch
Gianni Agnelli, Italia Independent in September reported a 4.4
million euros ($4.9 million) core operating loss in the first
half of 2019.   
    In response, it launched a four-year turnaround plan aiming
to more than double its revenue to 42 million euros by 2023. 
    Elkann, famed for his flamboyant fashion sense, said in a
statement the licensing deal had "extraordinary importance" for
the company's growth plans.
    Ronaldo's playing prowess as well as his established
marketing appeal helped revenue at his side Juventus  JUVE.MI ,
also controlled by the Agnelli family, to grow by 16.5% last
year, according to data from consultancy firm Deloitte.
    ($1 = 0.9014 euros)

 (Reporting by Elvira Pollina; Editing by Barbara Lewis)
 ((elvira.pollina@thomsonreuters.com; 0039 0266129486;))