Marcolin Grows Profitability in First Half
Revenues, however, declined 3.6 percent to 297.6 million euros and on a like-for-like basis, inched up 0.6 percent.
MILAN — Marcolin in the first half of the year expanded its portfolio of licensed brands, reporting a growth in margins despite a drop in revenues.
In the six months ended June 30, adjusted earnings before interest, taxes, depreciation and amortization grew 2.9 percent to 52.7 million euros, compared with 51.2 million euros in the same period last year, and representing 17.7 percent on sales.
Operating profit edged up 0.5 percent to 39.4 million euros from 39.2 million euros last year.
Revenues decreased 3.6 percent to 297.6 million euros. On a like-for-like basis, sales inched up 0.6 percent.
The Italian company produces eyewear collections for brands ranging from Bally and Max Mara to Tod's, Pucci, Guess, Timberland and Adidas Original, to name a few. Last year, Marcolin inked a perpetual license with Tom Ford as part of The
Estée Lauder Cos.' takeover of the brand's business for about $2.3 billion.
In December, Moncler, previously licensed to Marcolin, signed a licensing agreement with EssilorLuxottica running until December 2028.
In the first half this year, Marcolin renewed its licenses with Zegna, Max & Co., GCDS and Skechers.
In February, Marcolin inked an exclusive global licensing agreement with Christian Louboutin for the design, manufacturing and distribution of the brand's sunglasses and optical frames. The deal will run through 2029 and the label's first eyewear collection will bow for spring 2025 to be distributed in a network of selected stores worldwide.
This was followed in May by the signing of an agreement with K-Way for the design, production and global distribution of sunglasses, prescription frames, ski masks and children's glasses.
The six-year licensing deal comes into effect in 2025 and runs until the end of 2030. The first collection is to bow for spring 2025 and will be presented at next year's eyewear trade show Mido, slated to run Feb. 8 to 10.
In 2023, Marcolin acquired independent eyewear brand Ic! Berlin GmbH. The brand, founded in Berlin in 1996, manages the design, prototyping and production of luxury sun and prescription frames internally. Web Eyewear is the other Marcolin proprietary brand, which is a segment that is considered strategic for the company.
In the first half, Marcolin sales in the Europe, Middle East and Africa regaion rose 2.1 percent to 149.6 million euros on a like-for-like basis. Revenues in the Americas decreased 4.7 percent to 106.6 million euros on a like-for-like basis.
The adjusted net financial position improved by 6.4 million euros to 338 million euros.
Speculation has resurfaced about leading private equity firm PAI Partners looking to exit Marcolin. This would not be surprising since PAI Partners acquired a majority stake in Marcolin in 2012 — way beyond a fund's usual exit time frame. Marcolin and Tom Ford‘s license dates back to 2005 and sources believe this could be a significant additional asset for a potential buyer, given the success of the brand's eyewear. Neither PAI Partners nor Marcolin is commenting on the rumors. While EssilorLuxottica and Kering Eyewear were rumored to be interested in Marcolin, neither deal ever materialized, and the former in July actually said it was buying Supreme from VF Corp.
PAI Partners bought Marcolin, which was founded in 1961 and is based in Longarone, in Italy's Veneto region known for being an eyewear manufacturing hub, from a number of investors who included the Marcolin family and brothers Diego and Andrea Della Valle, and delisted the company.