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PROFIT

Italian sunglasses get boost abroad

Luxottica, the Italian group that owns high-end eyewear brands Ray-Ban and Oakley, said on Thursday it made a net profit last year of €544.7 million on sales of €7.3 billion.

Italian sunglasses get boost abroad
The Ray-Ban brand is owned by Italian company Luxottica. Photo: Sean King/Flickr

Revenues were 3.2 percent up on 2012 with net profit 1.9 percent higher.

It was the company's third consecutive strong annual results, buoyed by convincing sales in emerging markets China, Brazil and Turkey, where brand-hungry consumers were joining the middle-class. Europe and North America sales remained solid.

The company is the world's largest maker of eyewear. It produces glasses and frames under licence for a wide range of luxury brands, including Dolce & Gabbana, Prada, Versace, Chanel, Ralph Lauren and Paul Smith.

Andrea Guerra, Luxottica's CEO, said 2014 was already shaping up positively.

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MIGROS

Leading Swiss retailer axes 290 jobs

Migros, the biggest retailer in Switzerland, has announced it will cut 290 full-time jobs over the next three years following a drop in profit.

Leading Swiss retailer axes 290 jobs
teamtime/Depositphotos

The federation of cooperatives said in a statement it was making itself fit for the future and hoped to save 120 million francs through a restructuring of operations.

The majority of jobs will be lost through natural wastage and early retirement and reduced working hours but around 70 redundancies are expected, the retail giant said. 

The Migros cooperative currently employs 2,700 workers.

The business magazine Handelszeitung said most of the job cuts would hit marketing and IT departments.

It said Migros would be looking to reduce overcapacity and increase efficiency.

Profits at Migros were down 40 percent in 2017 despite the company posting record turnover.

The number one retailer in Switzerland ahead of Coop said the restructuring was less about cutting costs than about making funds available for future projects.

It also comes in response to the trend towards internet shopping and increased competition from international online retail businesses.

Migros was recently named most sustainable retailer in the world in a comparison of more than 150 companies, it reported earlier this month.