The Italian eyewear company attributed the growth to a strong brand portfolio, including the perpetual Tom Ford license.
Tom Ford eyewear by Marcolin COURTESY OF MARCOLIN
MILAN — Italian eyewear company Marcolin continues to report growth in earnings and revenues.
In the first six months ended June 30, net profit soared more than 76 percent to 15.5 million euros, compared to 8.8 million euros in same period last year.
Sales rose 8.8 percent to 308.7 million euros compared 283.7 million euros in the same period last year.
“The performance in the first semester confirms the solidity and the economic and financial health of the group,” said chief executive officer Fabrizio Curci. “We are growing in the high-end segment of the market where Made in Italy is certainly an important driving force. Marcolin is a company that aims to grow in the market through the quality of its products and its distribution. We are focused on this and today we start to reap the results.”
In the first half, adjusted earnings before interest, taxes, depreciation and amortization gained 26.4 percent to 51.2 million euros with a 16.6 percent margin on sales, compared with 40.5 million euros last year.
Operating profit amounted to 39.2 million euros compared with 27.2 million euros in the same period last year.
The company attributed the performance to the consolidation of the brands in its portfolio, “the implementation of a digital transformation process based on the central role played by the relationship with customers in all its phases, and the continuous push toward efficiency in production and procurement.”
Last year, Marcolin secured a perpetual license agreement for the production of Tom Ford’s eyewear collections, following the sale of the brand to The Estée Lauder Cos. in November.
In addition to Tom Ford, the company produces eyewear collections for brands ranging from Bally, Moncler and Max Mara to Tod’s, Pucci, Guess, Timberland and Adidas Original, to name a few. Proprietary brands include Web Eyewear.
Marcolin has been Tom Ford’s eyewear licensee since 2005.
In the first half, Marcolin sales in the Asian market vaulted 125.4 percent to 23.3 million euros, or 7.6 percent of the total. Revenues in the Europe, Middle East and Africa region rose 8.7 percent to 154.6 million euros, accounting for 50.1 percent of total sales.
Performance on the American continent was in line with the first half of 2022, edging down 0.4 percent to 117.4 million euros, representing 41.6 percent of the total. Sales in the Rest of the World area amounted to 13.3 million euros, up 0.7 percent.
In the second quarter, Marcolin revenues amounted to 156.4 million euros, up 1.6 percent. Adjusted EBITDA totaled 27.6 million euros, compared with 22.3 million in the second quarter of 2022.
In March, Marcolin named Lara Marogna group style and product development director, reporting to Curci.
As reported, earlier this month, Marcolin said it had completed the acquisition of its subsidiary in Mexico, buying the remaining 49 percent of a joint venture established in 2018. At the time, it teamed with its Mexican distributor Moendi.
The subsidiary is located in Mexico City and the new development is in sync with the company’s strategy to enhance its presence in key markets.
Marcolin’s global network consists of 15 worldwide branches, in Europe (Benelux, DACH, France, Italy, Nordics, Spain, U.K.); Russia; the Americas (U.S., Brazil, México); Asia (Hong Kong, Shanghai, Singapore), and Australia (Sydney). It also has a joint venture in the United Arab Emirates and distributes its products in more than 125 countries.
Leading European private equity firm PAI Partners acquired a majority stake in Marcolin in 2012 from a number of investors who included the Marcolin family and brothers Diego and Andrea Della Valle, and delisted the company. PAI’s vision is understood to be long-term. Marcolin was founded in 1961 and is based in Longarone, in Italy’s Veneto region, which is known for being an eyewear manufacturing hub.