Marcolin strong as eyewear demand rises in latest quarter
Friday was a big day for eyewear specialists to report their results with the release of Safilo's figures, being followed by those from Marcolin.
The latter company said that in the first nine months of 2022, net sales rose by 21% year on year to €409.7 million (based on current exchange rates). That was an increase of 13.9% at constant exchange rates. And adjusted EBITDA rose to €50.5 million from €42 million in the previous year.
The nine-month figures meant that the third quarter continued the positive performance recorded in the first half of 2022. In Q3 alone, group net sales rose 24.3% to €126.1 million. Sales rose in all geographical areas, notably in EMEA (+22.2%) and the Americas (+19.6%), which together account for more than 90% of net sales. But it also saw positive net sales in Asia (+21.5%), “a high-potential area for the group”. The company said the trend in the adjusted EBITDA margin was positive, standing at 12.3% of net sales. The results were achieved “thanks to an excellent sales mix, both in terms of brands and distribution channels, and the continuous effort on production and distribution efficiency, despite the increase in inflation, which mainly impacted transportation and electricity costs”. Marcolin also called out its investment in marketing to “support future expected sales”. The company makes eyewear for a raft of major names including Adidas, Bally, Zegna, Emilio Pucci, Moncler, Sportmax, Tod’s, Tom Ford and many more. As mentioned, Safilo also reported its results on the same day and these were strong too. Clearly, this year has been a good one for the eyewear sector. But Q3 was especially good with the unprecedented hot weather in many parts of Europe boosting demand for designer sunglasses. That’s especially the case after several pandemic-hit years in which summer holidays and demand for summer accessories were dented by lockdowns and travel restrictions.