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Marcolin Reports Strong 2022 Sales, Profitability

The Italian manufacturer, which last year signed a perpetual eyewear license with Tom Ford, provided an upbeat outlook on the back of a solid performance in 2022.

Tom Ford eyewear COURTESY IMAGE

MILAN — Marcolin closed 2022 by securing a perpetual license agreement for the production of Tom Ford’s eyewear collections and reporting growing profits and revenues, leading to an upbeat outlook for this year.

In the 12 months ended Dec. 31, sales rose 20.1 percent to 547.4 million euros compared with 455.6 million euros in 2021.

Operating profit climbed almost 50 percent to 33.5 million euros from 22.4 million euros in 2021 and adjusted earnings before interest, taxes, depreciation and amortization amounted to 61 million euros, up 21.7 percent compared to 50.1 million euros in 2021.

“Last year confirmed how Marcolin is a high-performance and sound company capable of tackling a complex historical period with vision and farsightedness while consolidating its leadership position among the reference players at global level in a sector that, today more than ever, is experiencing a moment of great dynamism and change,” said Fabrizio Curci, chief executive officer and general manager of Marcolin.

The strong results were attributed to several factors, including the consolidation of the brands in the portfolio, the implementation of a customer-centric digital transformation, and the continuous push toward production and procurement efficiency.

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.

In light of the 2022 performance, Marcolin is elevating its expectations “even higher: the year ahead of us is just as challenging, but full of important events, in which we will have to prove once again that we are a modern, agile company, capable of reading economic trends and supporting a sector in which Italy acts as a leader,” continued Curci.

In 2022, Marcolin saw revenues in Asia jump 47 percent to 24 million euros, while the Europe, Middle East and Africa region reported growth of 18 percent to 260.1 million euros, accounting for 47.5 percent of the total.

Sales in the Americas climbed 17 percent to 232.3 million euros, representing 42.4 percent of the total.

Marcolin in 2013 acquired Viva International, the North American eyewear company that produces and distributes the frames of a number of brands, including Guess, Harley-Davidson and Skechers. This allowed Marcolin to expand its luxury portfolio with strong diffusion labels and increase sales of optical frames.

In 2022, the net financial position amounted to 137.4 million euros, an improvement of 10.7 million euros compared to the previous year, thanks to the liquidity generated by both operating results and a regulated control of working capital, from trade receivables and trade payables to inventory levels.

Last week Marcolin named Lara Marogna group style and product development director, reporting to Curci, with the goal to “maximize the potential of the brands in the various segments.”

Marogna joined Marcolin in 2011 and succeeded Alessandro Beccarini.

Curci joined Marcolin Group in June 2020 in the middle of the pandemic, succeeding Massimo Renon.

He was previously CEO and general manager of the organizer and host of international events and trade shows Fiera Milano SpA, and has significant experience in the automotive industry. He started his professional career at Olivetti Tecnost and FIAMM Energy Technology and joined FCA — Fiat Chrysler Automobiles Group — in 2007, where he worked for 10 years, becoming head of the Alfa Romeo brand for the EMEA region and head of Alfa Romeo Global Launch.

His background and Marcolin’s increasing openness to reveal performance indicators could signal a potential interest in an initial public offering but the company on Tuesday had no comment on this possible scenario.

Marcolin has been Tom Ford’s eyewear licensee since 2005. The Estée Lauder Cos. in November said it was acquiring the Tom Ford business for about $2.3 billion, net of a $250 million payment to Lauder at closing from Marcolin through available cash. Marcolin has also raised a capital increase of at least 50 million euros.

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.

At the end of 2021, LVMH Moët Hennessy Louis Vuitton took full control of eyewear manufacturer Thélios, purchasing Marcolin’s 49 percent stake in Thélios. Thélios began operating in 2018, a joint venture between LVMH, which at the time had a 51 percent stake, with Marcolin owning the remainder. When the agreement was revealed, LVMH bought a 10 percent stake in Marcolin, which the latter has bought back.

Thélios produces for Dior, Fendi, Celine, Loewe, Stella McCartney and Givenchy, among others.

In 2022, Marcolin also gave further impetus to its commitment to sustainability and ESG issues obtaining, for example, the ISO 13485 certification, which regulates quality management systems in the medical device sector internationally.


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