Marcolin tops €550 million revenue mark

Marcolin improved both revenue and profitability in fiscal 2023. The Italian eyewear producer recorded net sales of €558.3 million, up by 2% at current exchange rates (and by 3.8% at constant rates) compared to 2022, when Marcolin recorded net sales of over €547 million.

EBITDA also improved, reaching €78.1 million and growing by 27.9% over the €61 million recorded the previous year. EBIDTA margin was 14.0%, well up from the 11.1% margin recorded in 2022.
 
In a press release, Marcolin’s board of directors underlined how in 2023, “despite the complex global situation, characterised by international geo-political instability and logistics difficulties,” the group managed to “consolidate its performance, continuing along the healthy growth path it has embarked on in the last few years.”

Marcolin continued to improve in a high-potential market like Asia, where its revenue increased by 81.5% at current exchange rates and by 81.9% at constant rates. Results were positive in EMEA too, with revenue up by 1.7% at current rates and by 2.7% at constant rates.
 
In 2023, the group’s net income was €10.2 million, €16.0 million more than in 2022.

Last year, Marcolin finalised two key strategic deals: it signed a perpetual licence agreement with Tom Ford Eyewear, and it acquired ic! berlin GmbH, an independent eyewear brand founded in Berlin in 1996. Marcolin also strengthened its presence in Central America, acquiring a 49% stake in the company that runs its operations in Mexico.
 
In 2023, Marcolin’s net adjusted financial position was €344.4 million, equivalent to an increase of €178.2 million over the previous fiscal year. A result that was due both to the strategic investments carried out by the group, which were funded by existing cash assets and by the positive cash flow deriving from 2023’s positive operating income, and to a new loan taken out by Marcolin, worth €30 million.
 
Between the end of 2023 and early 2024, Marcolin announced the renewal of its licences for Pucci, Zegna, GCDS and Max&Co. The group also inked an exclusive licence deal with Christian Louboutin, which will see the iconic French footwear label launch its first-ever eyewear collection in 2025.

The Marcolin group was founded in 1961, and is one of the world’s leading eyewear manufacturers, whose products are distributed in 125 countries. At the end of 2023, the group had approximately 2,000 employees.
 
Rumours and barely veiled hints have been rife in recent months, suggesting that French investment fund PAI Partners, which bought a majority stake in Marcolin in 2012, is thinking about withdrawing, and is mulling the opportunity to sell the company, based in Longarone, northern Italy. A list of potential buyers is said to include the group’s main industry competitors (EssilorLuxottica, Marchon, Safilo and De Rigo), as well as Kering – via its Kering Eyewear subsidiary, reportedly very keen on the Tom Ford eyewear licence – and Hong Kong-based investment fund Fountain Vest.