On Wednesday, the 29th of January 2020, the Italia Independent SpA, Turin-based Italian multinational producer and distributor of eyewear and sunglasses, had issued a statement saying that the Italian luxury eyewear manufacturer had signed off a five-year licensing accord with the Portuguese Soccer legend, Cristiano Ronaldo, as the luxury eyewear group seems to be digging deeper to capitalize on the Juventus forward’s stardom appeal.
On top of that, latest announcement from the Italia Independent SpA came forth days after the Italian eyewear manufacturer had reported heavy headers in profits last year. Apart from that, Italia Independent SpA’s latest five-year contract with soccer spesh Cristiano Ronaldo came against the backdrop of a catastrophic outlook for the Italian sportswear maker, which posted a loss of $4.9 million or €4.4 million over the first half of 2021, while as a turnaround plan, the eyewear manufacturer had initiated a four-year-long plan aimed at doubling up its revenue to €42 million by end-2023.
Besides, under the terms of the deal, the 34-year-old football legend, Cristiano Ronaldo, former Real Madrid left winger, would be designing an eyewear collection under his CR7 brand, much-known for luxury underwear. More importantly, the market grabbed the news with sheer optimism, while stocks remained automatically cancelled in Milan’s AIM platform for smaller companies followed by an excessive pre-session trading.