Californian shopping for Safilo which bought 70% of Blenders Eyewear, a US eyewear company that generates 95% of its turnover on e-commerce. Cost of the operation: 90 million dollars. “The consideration to be paid at the closing is subject to customary price adjustments, and the closing of the transaction is subject to conditions precedent, including some related to the company's activities,” warns Safilo in a note.
The residual shareholding of the company, equal to 30% will remain in the hands of its founder, Chase Fisher, but will be subject to reciprocal exercisable put and call options beginning in 2023. Fisher will also retain his role as chief executive officer of Blenders Eyewear, which he will continue to operate from San Diego.
The acquisition – Safilo states – will be financed through available cash and credit lines, and through a loan from Multibrands Italy, Safilo's reference shareholder, controlled by HAL Holding, for an amount of 30 million euros, which will be disbursed close to the closing of the transaction”.
“We are excited about this acquisition and to welcome Blenders Eyewear to the Safilo Group, which will enrich our portfolio of owned brands by bringing an innovative and fast-growing business focused on e-commerce, D2C and omni-channel, focused on the United States, which remains a key market for us,” he commented the managing director Angelo Trocchia.
Blenders Eyewear has an innovative e-commerce platform, recently joined by the opening of a physical store, thanks to which the company has managed to grow rapidly and make profits. In 2019, the company expects to achieve net sales of approximately $42 million, generated entirely in the United States and growing by approximately 40% over the previous year, with a 3-year CAGR of 175%.
The acquisition has been well received by the market. At Piazza Affari, Safilo shares gained 5,49% to €1,498.
