admin MILAN, Italy — Italy’s eyewear company Safilo has agreed for a deal to purchase 70 percent of Blenders Eyewear Worthing approximately $90 million.
Surf instructor Chase Fisher founded Blenders in San Diego in 2012; Chase will remain as chief executive and 30 percent shareholder whereas Blenders generates 95 percent of its turnover online and only recently opened its first store in San Diego.
Only 3 percent of Safilo’s total revenue accounts for E-commerce which is mostly from its existing US brand Smith.
On Monday Chief Executive of Safilo Angelo Trocchia said, “With the deal we intend to accelerate Safilo’s digital growth by learning from the great capabilities of the founder of this native-digital brand and from his team.”
Boosting group earnings from next year, Safilo said the acquisition of its controlling 70 percent stake gave the US business a total valuation of $90 million and that the deal is expected to close in January.
This year, Blenders’ sales are expected to reach $42 million up about 40 percent from 2018.
After moving big groups such as LVMH and Kering to end licensing accords for key brands including Gucci and Dior, Safilo has been struggling to lift sales and profit taking production in-house.
This deal strengthens Safilo’s brand portfolio with minimizing the risks of the licensing business, as it contends with increasingly stiff competition.
To create eyewear giant EssilorLuxottica, Domestic rival Luxottica last year closed a merger with the world’s biggest lens manufacturer, Essilor. The acquisition will be financed through available cash and credit facilities, including a 30 million euro ($33.1 million) loan from Safilo’s top investor, Dutch investment fund HAL Holding.
Magazine 
