PADUA, Italy— Safilo Group (SFLG.MI) has confirmed that their agreement with Kering, first reported by VMail on Sept. 3, 2014, has been executed, and the first of three compensation payments of €30 million was received on Jan. 12, 2015. The company has also confirmed the planned termination of its remaining Kering licenses.

The contract now executed confirms the three elements announced in September:
• The conclusion of the current Gucci license agreement at the end of December 2016.
• A strategic product partnership agreement for the development and manufacture of Gucci's Made in Italy eyewear products, of the duration of four years, from January 2017 until December 2020, renewable upon mutual agreement. Product development, industrialization and prototyping of the 2017 collections will start in Q4 2015.
• Compensation received by Safilo of €90 million, paid in three equal installments—following today’s payment, the second will be paid in December 2016, the third in September 2018.

Additionally, on Sept. 8, 2014, VMail followed up the announcement of Safilo’s agreement with Kering with a report on Kering’s anticipated plans for its remaining eyewear licenses. Safilo has now confirmed that “in order to optimize the profitability and the strategic relevance of its brand portfolio going forward,” the company has agreed with Kering that the Alexander McQueen, Bottega Veneta and Saint Laurent licenses will terminate on June 30, 2015.