Eyewear group Marcolin rejects Safilo’s bid

Marcolin’s future will not be with Safilo. Sources close to the matter have said that the potential deal between the two Italian eyewear groups has been called off. The offer made by Safilo, led by CEO Angelo Trocchia, to Marcolin’s owner, the Pai Partners investment fund, was reportedly incompatible with the company’s valuation of €1.35 billion.

Last October, Pai Partners commissioned Goldman Sachs with assessing potential interest for the sale of Marcolin. The French investment fund first invested in Marcolin in 2012, initially buying a 78% stake, which increased to 83% in December 2019.

The other potential buyers of Marcolin are reportedly some of its main competitors, like Marchon, De Rigo and Kering, the latter via its Kering Eyewear subsidiary. EssilorLuxottica has instead taken a step back, after its CEO Francesco Milleri recently stated that he regards the deal as “non-strategic.”

Marcolin is based in Longarone, near Belluno, where it employs nearly 1,000 people. In 2023, it generated a revenue of €558 million (up by 2% at current exchange rates), with adjusted EBITDA at €78 million (up by 28%).

Marcolin is present in 125 countries, where it distributes prestigious names like Adidas Originals and Adidas Sport, Bally, Guess, Harley Davidson, Max Mara, Timberland, Tod’s and Tom Ford.

In the last 12 months, Marcolin has renewed several licence deals, with Skechers, GCDS, Zegna, Max & Co. and Pucci, as well as with new entry K-Way. In February, Marcolin announced the launch of the Louboutin eyewear line, and at the end of 2023 it acquired German eyewear brand Ic!Berlin.