Form 6-K

Securities and Exchange Commision
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
Of The
Securities Exchange Act of 1934

For the month of ~~April~~July 2005 Commision file number 1-12260

DE RIGO S.P.A.
(Translation of registrant's name in English)

Republic of Italy
(Jurisdiction of incorporation or organization)

Zona Industriale Villanova
32013 Longarone (BL)
Italy
(Address of principal executive offices)

(Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.)

(Check One) Form 20-F X Form 40-F ___

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1))

(Check One) Yes No X

(Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7))

(Check One) Yes No X

(Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.)

(Check One) Yes No X

(If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b). 82- .)

For further information, please contact:		~~15th~~July ~~April~~29th 2005
Maurizio Dessolis	~~FOR IMMEDIATE RELEASE~~	FOR IMMEDIATE RELEASE
Chief Financial Officer
Tel 39 0437 7777
Fax 39 0437 770727
e-mail: investor@derigo.com
NYSE: DER

Chief Financial Officer

Tel. +39 0437 7777

Fax +39 0437 770727

e-mail: investor@derigo.com

NYSE: DER

DE RIGO

~~REPORTS~~reports ~~RESULTS~~sales ~~FOR~~results ~~FULL~~for ~~YEAR~~the ~~2004~~first six months of 2005

~~On April 14th, the board of directors of~~ De Rigo S.p.A. ~~approved~~(NYSE: ~~the~~DER) ~~unaudited~~posted ~~consolidated~~net ~~results~~sales of EUR 267.5 m1 for ~~full~~the ~~year~~first ~~2004~~six months of 2005, ~~which~~a ~~evidenced~~decrease ~~strong~~of ~~growth~~3.0% inas compared with the ~~Group’s~~same ~~operating~~period ~~profitability~~last year.

Highlights of the Group’s unaudited ~~consolidated~~sales results for ~~2004~~the first six months of 2005 include:

• ~~Net~~Consolidated ~~sales~~net ~~amounted to EUR 514.4 m1, an increase of 1.9% from the EUR 504.8 m posted last year. The~~ sales ~~results confirmed the positive trends in the Group’s current businesses, as comparisons with the prior year~~ were ~~affected~~EUR ~~by De Rigo’s sale during July 2003 of the controlling interest in Eyewear International Distribution (“EID”), a joint venture with the Prada Group~~267. Excluding EID’s sales2 from the Group’s results for 2003, the year on year increase in consolidated net sales was 6.1%. • Income from operations before depreciation and amortization3 increased by 7.5% ~~to EUR 55.7~~ m ~~from the EUR 51.8 m posted in 2003~~, ~~and represented 10.8% of net sales,~~ as compared with ~~10.3% last year. • Income from operations grew by 15.7% to~~ EUR 28275.~~8 m from the EUR 24.~~9 m ~~recorded~~posted in ~~2003,~~the ~~and~~first ~~represented~~six ~~5.6%~~months of ~~net sales, as compared with 4~~2004.9% ~~last~~Foreign ~~year.~~currency •effects ~~Net~~had ~~income amounted to EUR 14.5 m,~~ a ~~decrease~~negative ofimpact ~~21.6% from the EUR 18.5 m recorded in 2003, when earnings were positively affected by the Group’s gain on the disposal~~ of ~~its controlling interest in EID, which contributed EUR 11~~1.~~8 m to other income, net (including EUR 3.7 m attributable to other investors, which was deducted from the Group’s consolidated results as part of minority interests). Net income represented~~ 2.8% ofon net sales~~, as compared with 3~~.~~7% last year. • At 31st December 2004, the net financial position4 of the De Rigo Group was positive and amounted to EUR 6.~~2 m, as compared with the net debt of EUR 3.6 m recorded at 31st December 2003, primarily as a result of 2004 net earnings and improvements in working capital, that were reflected in an increase in cash and cash equivalents and a decrease in borrowings.
~~_________________________~~ Wholesale & manufacturing sales amounted to EUR 79.4 m, a decrease of 4.1% from EUR 82.8 m posted in the first six months of 2004. Foreign currency effects had a negative impact of 0.4% on wholesale & manufacturing sales.
~~1The~~ ~~Group~~Sales ~~reports~~through ~~its~~the ~~results~~retail incompanies ~~Euro. On~~amounted ~~April~~to ~~13th,~~EUR ~~2005, the official Euro/U~~195.S.0 ~~Dollar exchange rate~~m, asa ~~reported~~decrease byof ~~the~~1.9% ~~European~~from ~~Central Bank, was~~ EUR ~~1 = USD 1~~198.~~2922. The~~7 ~~financial~~m ~~results~~posted ~~reported~~ in ~~this~~the ~~press~~first ~~release~~six ~~have~~months ~~not~~of ~~yet~~2004. ~~been~~Foreign ~~audited~~currency byeffects ~~the~~had ~~Group’s~~a ~~independent~~negative ~~registered~~impact ~~public~~of ~~accountants~~1.6% ~~and are presented~~ on ~~the~~retail ~~basis of accounting principles generally accepted in Italy (“Italian GAAP”)~~sales.

~~2Reconciliations~~ ~~detailing~~In ~~the~~this ~~Group’s~~release, ~~consolidated~~De ~~Italian~~Rigo ~~GAAP~~is reporting net sales ~~results~~on ~~and~~a ~~those~~consolidated basis, as well as sales for each of its ~~wholesale~~two &principal ~~manufacturing~~ business ~~segment~~segments. ~~excluding~~In calculating its consolidated net sales, ~~made~~De byRigo orhas toeliminated ~~EID~~the ~~are~~intercompany ~~provided~~sales onbetween the ~~tables~~Group’s ~~accompanying~~business ~~this~~segments, ~~release.~~as detailed in the following table:

~~3The~~ ~~Group~~______________________________________________ 1 ~~believes~~The ~~that~~Group ~~the~~reports ~~income~~its ~~from~~results ~~operations~~in ~~before~~Euro. ~~depreciation~~On ~~and~~July ~~amortization~~26th, ~~and~~2005, the ~~other~~Euro/U.S. ~~non-Italian~~Dollar ~~GAAP~~exchange ~~data~~rate, ~~included~~as infixed ~~this~~by ~~release,~~the ~~when~~European ~~considered~~Central inBank, ~~conjunction~~was ~~with~~EUR ~~(but~~1 ~~not~~= inUSD ~~lieu~~1.1987. ~~of)~~The ~~other~~financial ~~measures~~results ~~that~~reported ~~are computed~~ in ~~accordance~~this ~~with~~press ~~Italian~~release ~~GAAP,~~have ~~enhance~~not anbeen ~~understanding~~audited ofby the Group~~'s results of operations. The Group~~’s ~~management~~independent ~~uses~~public ~~income~~accountants ~~from operations before depreciation~~ and ~~amortization~~are aspresented ~~one of the bases~~ on ~~which it analyses~~ the ~~performance~~basis of ~~the~~accounting ~~Group~~principles ~~and its segments, as management~~ generally ~~does~~accepted ~~not~~in ~~have~~Italy ~~control~~(“Italian ~~over~~GAAP”). ~~the~~ 2 ~~amortization~~In ~~periods~~addition ~~for~~to ~~goodwill~~reporting ~~and~~its ~~other~~Italian ~~intangibles~~GAAP orresults, the ~~related~~De ~~depreciation~~Rigo ~~amounts.~~Group ~~Income~~uses ~~from~~certain ~~operations~~measures ~~before~~of ~~depreciation~~financial ~~and~~performance ~~amortization~~that ~~should~~exclude ~~not,~~the ~~however,~~impact beof ~~considered~~fluctuations in ~~isolation~~currency asexchange arates ~~substitute~~in ~~for~~the ~~net~~translation ~~income,~~of its operating ~~income,~~results ~~cash~~into ~~flow~~Euro. ~~provided~~In bydoing ~~operating~~so, ~~activities~~the orGroup ~~other~~has ~~income~~calculated orits ~~cash~~sales ~~flow~~for ~~data prepared~~the infirst ~~accordance~~six ~~with~~months ~~generally~~of ~~accepted~~2005 ~~accounting~~on ~~principles~~the orbasis ~~as a measure~~ of athe ~~company's~~same ~~profitability~~average orexchange ~~liquidity. The~~rates ~~Group~~used ~~calculates~~to ~~income~~calculate ~~from~~sales ~~operations~~for ~~before~~the ~~depreciation~~first ~~and~~six ~~amortization~~months asof ~~being~~2004. ~~equal~~The toCompany ~~income~~believes ~~from~~that ~~operations~~these ~~plus~~non-GAAP ~~depreciation~~financial ~~and~~measures ~~amortization,~~provide asuseful ~~detailed~~information into ~~the~~both ~~table~~management ~~accompanying~~and ~~this~~investors ~~release,~~by ~~which~~allowing ~~also includes~~ a ~~detailed~~comparison ~~reconciliation~~of ~~between~~sales ~~income~~performance ~~from~~on ~~operations~~an ~~before~~exchange ~~depreciation~~rate ~~and~~neutral ~~amortization~~basis. ~~and~~See the ~~other~~table ~~non-Italian~~on ~~GAAP~~page ~~measures~~2 ~~used~~of in this release ~~and the most directly comparable Italian GAAP measures~~. ~~4In~~ ~~accordance~~The ~~with~~De ~~Italian~~Rigo ~~practice,~~Group's ~~management~~method ~~uses~~of ~~net~~calculating ~~financial~~sales ~~position~~performance asexcluding the ~~primary~~impact ~~measure~~ of ~~the~~changes ~~Group’s~~in ~~debt~~exchange ~~position. A~~rates ~~detailed~~may ~~reconciliation~~differ ~~between~~from ~~the~~methods ~~net~~used ~~financial~~by ~~position~~other ~~and the most directly comparable Italian GAAP measure is provided in the accompanying table~~companies.

~~The~~ ~~results posted by the Group in 2004 reflected the contribution of each of the Company’s business segments.~~ 1

The following table summarizes the principal unaudited results of each of the Group’s business segments for the periods indicated in millions of EUR:

SALES BY BUSINESS SEGMENT
*(Euro in millions)*

	1H 2004	1H 2005		1H 2005	1H 2005
			%	Effect of	Sales at	%
	Sales	Sales	change	application of	constant	change
				constant	exchange rates
				exchange rates	(Non-GAAP)

Wholesale & Manufacturing	82.8	79.4	-4.1%	0.3	79.7	-3.7%
Retail	198.7	195.0	-1.9%	3.2	198.2	-0.3%
- D&A	*127.3*	*120.5*	-5.3%	*3.2*	*123.7*	-2.8%
- GO	*71.4*	*74.5*	+4.3%	*0.0*	*74.5*	+4.3%
Elimination of Intercompany Sales	-5.6	-6.9	+23.2%	0.0	-6.9	+23.2%


Consolidated net sales	275.9	267.5	-3.0%	3.5	271.0	-1.8%

	Sales		%	Income from		%	Income from		%
Group’s			Change	operations		Change	operations		Change
				before
Business Segments				depreciation and
				amortization
	2004	2003		2004	2003		2004	2003
Wholesale & Manufacturing	134.5	136.2	-1.2%	21.3	18.4	+15.8%	16.2	13.6	+19.1%
Retail	389.8	361.5	+7.8%	34.4	31.2	+10.3%	12.6	9.6	+31.3%
- D&A	248.9	230.8	+7.8%	10.9	10.1	+7.9%	1.9	1.2	+58.3%
- GO	140.9	130.7	+7.8%	23.5	21.1	+11.4%	10.7	8.4	+27.4%
EID	-	19.8	-100.0%	-	2.2	-100.0%	-	1.7	-100.0%
Intercompany Eliminations	-9.9	-12.7	-22.0%	-	-		-	-
Total	514.4	504.8	+1.9%	55.7	51.8	+7.5%	28.8	24.9	+15.7%

Consolidated net sales

~~Wholesale~~ &The ~~Manufacturing~~ Group’s consolidated net sales of EUR 267.5 m were broken down as follows: eyewear sales of EUR 122.6 m, lens sales of EUR 80.0 m, contact lens sales of EUR 39.6 m and other sales and revenues of EUR 25.3 m, as compared with sales of EUR 129.3 m, EUR 82.8 m, EUR 38.3 m and EUR 25.5 m, respectively, for the first six months of 2004.

~~Sales~~ ofForeign ~~the~~currency ~~wholesale~~translation &differences ~~manufacturing~~had ~~segment~~a ~~amounted~~negative toeffect ~~EUR~~on ~~134.5~~consolidated mnet sales, aparticularly ~~decrease of 1.2% as compared~~ with ~~EUR~~regard ~~136.2~~to mthe ~~posted~~translation ininto ~~2003.~~Euro ~~Excluding~~of ~~from the 2003 results~~ sales made byin ~~the~~Pounds ~~wholesale~~Sterling, &Japanese ~~manufacturing~~Yen ~~business~~and ~~segment~~Hong toKong ~~EID prior to its disposal~~Dollars, as the ~~segment’s~~average ~~sales~~exchange ~~increased~~rate byfor ~~0.7%,~~these ~~reflecting~~currencies ~~strong sales results~~ in ~~certain~~the ~~Far~~first ~~Eastern~~six ~~markets,~~months ~~particularly~~of ~~Japan~~2005 ~~and~~was ~~Hong~~less ~~Kong,~~favourable asto ~~well~~the asGroup inthan ~~certain~~that ~~European~~during ~~markets,~~the ~~including~~first ~~Greece~~six ~~and~~months ~~Spain~~of 2004.

~~Gross~~ ~~margins~~Analysing atconsolidated ~~the~~net ~~wholesale~~sales &by ~~manufacturing~~geographic ~~segment also increased~~area, ~~reflecting~~net ~~both~~sales ~~a reduction~~ in ~~the~~Europe ~~cost~~amounted ofto ~~goods~~EUR ~~sold~~238.0 ~~resulting~~m, ~~from improved efficiencies in the manufacturing process and~~ a ~~more~~decrease ~~favourable~~of ~~sales mix~~3.8%, primarily as ~~the~~a ~~2003~~result ~~results~~of ~~had also included relatively~~ lower ~~margin~~ sales tothrough ~~EID. The~~the ~~increase~~Group’s inretail ~~gross~~companies ~~margin~~and ~~was~~a ~~reflected~~decline in ~~strong~~wholesale ~~growth~~sales in ~~both~~certain ~~income~~markets. ~~from~~Net ~~operations~~sales ~~before~~in ~~depreciation~~the ~~and~~Rest ~~amortization~~of ~~and~~the ~~income~~World ~~from operations: income from operations before depreciation and amortization~~ increased by 155.80% to EUR 2125.34 m, ~~from~~reflecting the ~~EUR~~Group’s ~~18.4~~positive mresults ~~recorded~~ in ~~2003~~certain ~~and~~Far ~~represented~~Eastern 15markets.8% ofNet sales, asin ~~compared~~the ~~with~~Americas ~~13.5%~~amounted ~~last year; income from operations increased by 19.1%~~ to EUR 164.21 m, ~~from~~a ~~the~~decrease ~~EUR~~of ~~13.~~6 ~~m posted in 2003~~.8%, ~~and~~primarily ~~represented~~as ~~12.0%~~a result of lower sales, asin ~~compared~~the ~~with~~US 10market.0% ~~last year.~~

De Rigo’s overall consolidated net sales results reflected the contribution of each of the Group’s principal business segments:

Wholesale & manufacturing

Wholesale & manufacturing sales amounted to EUR 79.4 m, a decrease of 4.1% from EUR 82.8 m posted in the first six months of 2004.

Wholesale & manufacturing sales in the first six months continued to be impacted by the expiry of the Group’s license agreement with Fendi as of the end of 2004. Management expects that the negative impact on the segment’s sales of the expiry of the Fendi license will eventually be more than offset by increased sales under the new license agreements De Rigo signed with Chopard, Ermenegildo Zegna, Escada and Jean Paul Gaultier during the last quarter of 2004 and first quarter of 2005. However, deliveries of Chopard and Escada-branded eyewear have only

started recently, while those of Ermenegildo Zegna and Jean Paul Gaultier products have not yet started. As a result, sales of the new brands contributed less to the segment’s sales during the first six months of 2005 than those of Fendi-branded eyewear during the first six months of last year.

Retail

Sales ofthrough the retail ~~segment~~companies ~~increased~~amounted ~~by 7.8%~~ to EUR ~~389~~195.80 m, asa ~~compared~~decrease ~~with~~of ~~the~~1.9% from EUR ~~361~~198.57 m posted in ~~2003. The increase in sales reflected same store sales per working day growth of 6.0% at General Optica (“GO”),~~ the ~~Group’s~~first ~~Spanish~~six ~~retail~~months ~~chain, and 6.2% in Pound Sterling terms at Dollond & Aitchison (“D&A”), the Group’s British retail chain, as well as GO’s opening~~ of ~~6 owned shops and 4 franchised shops during~~ 2004.

~~Income~~ ~~from~~The ~~operations~~following ~~before~~table ~~depreciation~~sets ~~and~~forth ~~amortization~~certain ~~for~~data ~~the~~on ~~retail segment as a whole increased by 10.3% to EUR 34.4 m, as compared with~~ the ~~EUR~~sales ~~31.2 m posted in 2003~~ and ~~represented~~store ~~8.8%~~network of ~~sales,~~De asRigo’s ~~compared~~two ~~with~~retail ~~8.6%~~chains: ~~last~~Dollond ~~year.~~& ~~Income~~Aitchison ~~from~~(“D&A”), ~~operations~~one ~~for~~of the ~~segment~~leading asretailers ain ~~whole~~the ~~increased~~British byoptical ~~31.3%~~market toand ~~12.6~~General mOptica ~~from~~(“GO”), the ~~EUR~~leading ~~9.6~~retail mchain ~~posted~~ in ~~2003~~the ~~and~~Spanish ~~represented~~optical 3market.2% ~~of sales, as compared with 2.7% last year.~~

The segment’s results reflect the contribution of each of the Group’s two retail chains:


	1H 2004	1H 2005		30 Jun 04	30 Jun 05		30 Jun 04	30 Jun 05
	€ in	€ in	%	Owned	Owned	Unit	Franchised	Franchised	Unit
	millions	millions	Change	stores	stores	change	stores	stores	change

D&A	127.3	120.5	-5.3%	232	235	+3	141	140	-1
GO	71.4	74.5	+4.3%	146	153	+7	15	22	+7

Total Retail	198.7	195.0	*-1.9%*	378	388	*+10*	156	162	+6

GO ~~grew~~D&A’s sales bywere ~~7.8% to~~ EUR ~~140~~120.95 m, ~~while~~a ~~its~~decrease ~~income~~of ~~from operations before depreciation and amortization increased by 11~~5.43% toas ~~EUR~~compared ~~23.5~~with msales ~~from~~of ~~the~~ EUR 21127.13 m posted in ~~2003,~~the ~~representing~~first ~~16.7%~~six months of ~~sales~~2004. asSales ~~compared~~declined ~~with~~by 162.19% ~~last~~in ~~year.~~Pound ~~The~~Sterling ~~increase~~terms, less than in ~~income~~Euro ~~from~~Terms, ~~operations~~reflecting ~~before~~the ~~depreciation~~decrease ~~and~~of ~~amortization~~the ~~reflected~~Pound ~~both~~Sterling’s value against the ~~growth~~Euro. inSame store sales ~~due~~per toworking ~~increase~~day in ~~same~~Pound ~~store~~Sterling ~~sales~~terms ~~and~~decreased ~~the~~by ~~opening~~3.8% of. ~~both~~Sales ~~owned~~of ~~and~~ franchised stores, asduring ~~well~~the asperiod aamounted ~~higher~~to ~~gross~~EUR ~~margin~~32.3 m, ~~notwithstanding~~a andecrease ~~increase~~of 8.0%; in ~~advertising~~Pound ~~expenses~~Sterling terms, sales of franchised stores decreased by 5. 6% .

~~Income~~ ~~from~~D&A’s ~~operations~~results ~~increased~~were bynegatively ~~27.4%~~affected toby ~~EUR~~declines ~~10.7 m from the EUR 8.4 m posted~~ in ~~2003, representing 7.6% of~~ sales, asin ~~compared~~both ~~with~~value ~~6.4% last year.Income from operations increased at a higher rate than income before depreciation~~ and ~~amortization,~~volume ~~as depreciation and amortization remained substantially stable~~terms, ~~amounting~~which toreflected ~~EUR~~a ~~12.8~~general mdownturn in ~~2004,~~the asBritish ~~compared~~optical ~~to EUR 12~~market.7 ~~m last year.~~

~~D&A’s~~ ~~sales~~At ~~grew~~June ~~by 7.8% to EUR 248.9 m from the EUR 230.8 m posted in 2003. Sales grew by 5.8% in Pound Sterling terms~~30, ~~reflecting the increase in its value against the Euro~~2005, ~~while same store sales per working day in Pound Sterling terms increased by 6.2%. The increase in~~ D&A’s ~~sales~~operated ~~was~~a ~~primarily~~network ~~attributable~~of to235 ~~the~~owned ~~Company’s~~shops ~~aggressive~~and ~~marketing~~140 ~~campaigns,~~franchised ~~which drove increased sales of higher quality products~~shops.

As aGO’s ~~result of the increase in~~ sales, ~~income from operations before depreciation and amortization~~ increased by 74.93% to EUR 1074.95 m from ~~the~~ EUR 1071.14 m posted in ~~2003,~~the ~~representing~~first ~~4.4%~~six months of ~~sales~~2004, ~~the~~as ~~same~~a ~~percentage~~result asof ~~last~~positive ~~year.~~same ~~Income~~store ~~from~~sales, ~~operations~~which ~~increased~~rose by 581.31% toon ~~EUR~~top ~~1.9~~of ~~m from~~ the ~~EUR 1~~7.28% mincrease posted in ~~2003,~~the ~~and~~first ~~represented~~six ~~0.8%~~months of ~~sales~~2004, ~~having~~as ~~represented~~well ~~0.5%~~reflecting ~~last~~the ~~year.~~impact Asof atthe ~~GO,~~opening ~~income~~of ~~from~~new ~~operations~~owned ~~increased at a higher rate than income before depreciation~~ and ~~amortization,~~franchised ~~as depreciation and amortization remained substantially stable, amounting to EUR 9~~stores.0 ~~m in 2004, as compared to EUR 8.9 m last year.~~

~~Additional~~ ~~information~~At June 30, 2005, GO operated a network of 153 owned shops and 22 franchised shops, having opened a net total of 7 owned shops and 7 franchised shops during the last twelve months.

• Basic earnings per share amounted to EUR 0.33 as compared with EUR 0.41 posted in 2003 and diluted earnings per share amounted to EUR 0.33 as compared with EUR 0.41 last year. The stock options plan for the Group’s management was terminated on December, 31st 2004.3

• Income taxes amounted to EUR 12.7 m, as compared with EUR 14.9 m in 2003. The Group’s income was taxed at an effective rate of 46.1%, as compared with an effective tax rate of 39.5% last year. The increase in the effective tax rate primarily reflected the fact that the portion of the Group’s 2003 income attributable to its gross gain on the sale of the controlling interest in EID was taxed at a favourable tax rate.*****

•De ~~Additions~~Rigo tois ~~property,~~one ~~plant~~of the world’s largest manufacturers and ~~equipment~~distributors ~~amounted~~of topremium ~~EUR~~eyewear, ~~17.6~~the mmajor optical retailer in ~~2004~~Spain through General Optica, asone ~~compared~~of ~~with~~the ~~EUR~~leading ~~11.5~~retailers min ~~last~~the ~~year.~~British ~~The~~optical ~~increase~~market ~~was~~through ~~primarily~~Dollond ~~attributable~~& toAitchison ~~higher~~and ~~investments~~a inpartner of the ~~refitting~~LVMH Fashion Group for the manufacture and distribution of ~~existing~~Celine, ~~stores~~Givenchy and Loewe eyewear. De Rigo also manufactures and distributes the ~~opening~~licensed ofbrands ~~new~~Chopard, ~~stores~~Escada, Etro, Fila, Furla, La Perla and Mini, as well as its own brands Police, Sting and Lozza. De Rigo will begin manufacturing eyewear under the Jean Paul Gaultier and Ermenegildo Zegna licensed brands in the ~~retail~~second ~~segment~~half of 2005.

• ~~The Company is currently authorized to repurchase up to~~ 4,400,000 of its ADSs (representing an equivalent number of ordinary shares), through November 2005. At the date of this announcement, the Company had repurchased a total of 2,448,000 ADSs (representing an equivalent number of ordinary shares), at an average price of 6.08 USD per ADS.

* * * * *

Ennio De Rigo, Chairman of the De Rigo Group, commented on 2004’s results: “The Group’s strong commitment to recoup the sales lost as a result of the disposal of EID was reflected in a slight overall increase in sales, while improvements in our gross margin also contributed to our strong operating results. We are working to capitalize on the opportunities for sales growth afforded by all of the license agreements we have recently entered into, as well as looking to develop additional new business with Ermenegildo Zegna and Jean Paul Gaultier. Looking into the future, we must recognize that general economic conditions are strongly influencing the optical sector in certain markets in which we operate. These challenges will requires us to devote additional effort and to develop new strategies in order to achieve the desired results.”

* * * * *

De Rigo is one of the world’s largest manufacturers and distributors of premium eyewear, the leading optical retailer in Spain through General Optica, one of the leading retailers in the British optical market through Dollond & Aitchison and a partner of the LVMH Fashion Group for the manufacture and distribution of Celine, Givenchy and Loewe eyewear. De Rigo also manufactures and distributes the licensed brands Chopard, Escada, Ermenegildo Zegna, Etro, Fila, Furla, Jean Paul Gaultier, La Perla and Mini and its own brands Police, Sting and Lozza.

DE RIGO S.p.A. AND SUBSIDIARIES UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In thousands of Euro)

		For the twelve months ended December 31,
		2004	2003
NET SALES		514,384	504,801
COST OF SALES		198,900	202,040
GROSS PROFIT		315,484	302,761
COSTS AND EXPENSES
	Commissions	11,869	13,432
	Advertising and promotion expenses	34,393	32,644
	Other selling expenses	204,442	195,532
	General and administrative expenses	35,955	36,299
		286,659	277,907
INCOME FROM OPERATIONS		28,825	24,854
OTHER (INCOME) EXPENSES
	Interest expense	1,126	2,217
	Interest income	(675)	(718)
	Other (income) expenses, net	725	(14,483)
		1,176	(12,984)
INCOME BEFORE INCOME TAXES		27,649	37,838
INCOME TAXES		12,737	14,935
INCOME BEFORE MINORITY INTEREST		14,912	22,903
MINORITY INTEREST		434	4,425
NET INCOME		14,478	18,478

DE RIGO S.p.A. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of Euro)
		December 31,	December 31,
		2004	2003
ASSETS
Current assets:
	Cash and cash equivalents	27,146	19,634
	Accounts receivable, trade, net of allowances for doubtful accounts	61,271	61,938
	Inventories	51,232	49,366
	Deferred income taxes	5,443	13,018
	Prepaid expenses and other current assets	14,391	12,393
Total current assets		159,483	156,349
Property, plant and equipment:
	Land	16,874	16,848
	Buildings	54,658	54,587
	Machinery and equipment	24,475	25,491
	Office furniture and equipment	94,955	82,800
	Construction in progress	19	-
		190,981	179,726
	Less: accumulated depreciation	(82,805)	(70,643)
Property, plant and equipment, net		108,176	109,083
Goodwill and intangible assets		97,574	103,891
Deferred income taxes		11,927	1,407
Other non current assets		17,404	6,157
	TOTAL ASSETS	394,564	376,887

DE RIGO S.p.A. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED BALANCE SHEETS
(In thousands of Euro)
		December 31,	December 31,
		2004	2003
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
	Bank borrowings	20,410	22,569
	Current portion of long-term debt	184	166
	Accounts payable, trade	70,875	66,141
	Commissions payable	212	895
	Income taxes payable	4,219	5,452
	Deferred income taxes	767	1,392
	Accrued expenses and other current liabilities	28,970	27,223
Total current liabilities		125,637	123,838
Termination indemnities and other employee benefits		10,142	9,755
Deferred income taxes		9,835	8,670
Long–term debt, less current portion		341	497
Other non current liabilities		7,200	7,243
Shareholder's equity:
	Capital stock	11,683	11,626
	Additional paid-in capital	54,599	54,490
	Retained earnings	175,891	161,413
	Foreign currency translation adjustments	(5,801)	(5,682)
	Revaluation surplus	5,037	5,037
Total shareholders' equity		241,409	226,884
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		394,564	376,887

Reconciliation of income from operations before depreciation and amortization with most directly comparable Italian GAAP measure

(In millions of Euro)

De Rigo Group	2004	2003	% Change
Income from operations	28.8	24.9	15.7%
Amortization of goodwill	6.3	6.8	-7.4%
Amortization of other intangibles	2.2	2.4	-8.3%
Depreciation	18.4	17.7	4.0%
Income from operations before depreciation and amortization	55.7	51.8	7.5%
Wholesale & Manufacturing	2004	2003	% Change
Income from operations	16.2	13.6	19.1%
Amortization of goodwill	0.3	0.8	-62.5%
Amortization of other intangibles	1.0	1.0	0.0%
Depreciation	3.8	3.0	26.7%
Income from operations before depreciation and amortization	21.3	18.4	15.8%
Retail	2004	2003	% Change
Income from operations	12.6	9.6	31.3%
Amortization of goodwill	6.0	6.0	0.0%
Amortization of other intangibles	1.2	1.3	-7.7%
Depreciation	14.6	14.3	2.1%
Income from operations before depreciation and amortization	34.4	31.2	10.3%
Dollond & Aitchison	2004	2003	% Change
Income from operations	1.9	1.2	58.3%
Amortization of goodwill	1.6	1.6	0.0%
Amortization of other intangibles	0.3	0.5	-40.0%
Depreciation	7.1	6.8	4.4%
Income from operations before depreciation and amortization	10.9	10.1	7.9%
General Optica	2004	2003	% Change
Income from operations	10.7	8.4	27.4%
Amortization of goodwill	4.4	4.4	0.0%
Amortization of other intangibles	0.9	0.8	12.5%
Depreciation		7.5	0.0%
Income from operations before depreciation and amortization	23.5	21.1	11.4%
EID	2004	2003
Income from operations	0.0	1.7
Amortization of goodwill	0.0	0.0
Amortization of other intangibles	0.0	0.1
Depreciation	0.0	0.4
Income from operations before depreciation and amortization	0.0	2.2

Reconciliation of Net Financial Position with most directly comparable Italian GAAP measure

(In millions of Euro)

	December 31, 2004	December 31, 2003
Cash and cash equivalents	27.1	19.6
Bank Borrowings	-20.4	-22.5
Current portion of long term debt	-0.2	-0.2
Long term debt, less current portion	-0.3	-0.5
Net Financial Position	6.2	-3.6

Reconciliation of consolidated Italian GAAP sales results with consolidated sales excluding sales made by EID (In millions of Euro)

	2003	2004
	Net Sales	Net Sales	% change
Wholesale & Manufacturing	136.2	134.5	-1.2%
Retail	361.5	389.8	+7.8%
- D&A	230.8	248.9	+7.8%
- GO	130.7	140.9	+7.8%
Elimination of Intercompany Sales	-12.7	-9.9	-22.0%
Consolidated net sales excluding sales by EID	485.0	514.4	+6.1%
EID	19.8	0.0
Consolidated net sales	504.8	514.4	+1.9%

Reconciliation of sales of wholesale & manufacturing business segment with the segment’s sales excluding sales made to EID (In millions of Euro)

	2003	2004
	Net Sales	Net Sales	% change
Wholesale & Manufacturing sales	136.2	134.5	-1.2%
- of which sales to EID	-2.6	0.0
Wholesale & Manufacturing sales excluding sales to EID	133.6	134.5	+0.7%

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: ~~April~~July 1829, 2005 DE RIGO S.p.A. By: /s/ Ennio De Rigo Ennio De Rigo Chairman of the Board and Chief Executive Officer

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