The Italian eyewear group has acquired a 70% stake of the Californian company, valued at 90 million dollars.
Safilo draws its new roadmap with acquisitions. The Italian eyewear group has acquired a 70% stake of the San Diego-based company Blenders Eyewear, valued at ninety million dollars. The acquisition will be financed through cash and credit facilities for 30 million dollars.
The goal of the Italian giant is to boost its digitally native business model, as well as focus on the American market, as stated by Angelo Trocchia, Safilo’s chief executive officer, in a press release.
Safilo aims to accelerate its ecommerce and omnichannel business with the acquisition
Founded in 2012 in San Diego, Blenders Eyewear produces men’s and women’s sunglasses and snow goggles inspired by California’s active lifestyle and its focused on millennials and Gen Z. The company, that recently opened its first physical store in San Diego, generates approximately 95% of its business through its direct-to-consumer ecommerce platform.
With the acquisition, Safilo aims to accelerate its ecommerce and omnichannel business, leveraging Blenders’s digital expertise and fueling the global expansion of the brand. Safilo ended its fiscal year 2018 with losses of 32.4 million euros, compared to the loss of 251.5 million of 2017. Sales stood at 962.8 million euros, down 7% year-on-year.