Fabrizio Curci, CEO of Marcolin
Pai Partners towards the sale of Marcolin for 1.35 billion
The possible sale of Marcolin, a leading company in the eyewear sector based in Longarone, controlled by Pai Partners, could be worth as much as 1.35 billion euros. The rumors initially circulated on Bloomberg have suggested that the French private equity fund, in collaboration with Goldman Sachs, is exploring potential strategic buyer interest in the company. This news was reported by Corriere della Sera, although at the moment neither the fund nor the company itself nor the investment bank have made official statements on the matter. It is important to underline that this is currently an exploratory phase and will not necessarily lead to the actual sale of Marcolin.
Pai Partners has owned 78.4% of Marcolin for several years, an unusually long duration for a private equity fund. This could be a sign that the natural path could lead to the sale of the company. However, the eyewear sector is undergoing a certain degree of “normalisation” similar to what is happening in the luxury sector. This may be due to current economic and geopolitical uncertainties discouraging potential investors.
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Marcolin is known for producing eyewear for high-profile brands such as Tom Ford, Guess, Max Mara, Monder and Zegna. According to Fabrizio Curci, CEO of the company since 2020, Marcolin is “a healthy company that earns good money”. In the first half of 2023, the company recorded an increase in net sales of 8.8% compared to the same period of the previous year, reaching a total of 308.7 million euros, with a net profit of 15.5 million euros compared to 8.8 million in the first half of 2022.
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Among the most significant operations of the group, the agreement with Estée Lauder stands out, which acquired the Tom Ford brand for 2.8 billion dollars, giving Marcolin a perpetual license for the production of glasses in exchange for a financial commitment of 250 million dollars. In addition to Marcolin, in the eyewear district, there are other important players in the sector, including EssilorLuxottica, Safilo and Thélios. Thélios was originally a joint venture between the French giant LVMH and Marcolin, but was fully acquired by LVMH in 2021. This shows how competitive and constantly evolving the eyewear landscape is.
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