Safilo Acquires 70% of California-based Blenders Eyewear
Monday, December 9 2019 | 10 h 55 min | Acquisitions, News, Press Release
Safilo Group announces the acquisition of a 70% stake in the equity of the California company Blenders Eyewear. Safilo purchased the stake from the company’s founding entrepreneur and full owner.
Founded in San Diego in 2012 by Chase Fisher, Blenders Eyewear has built an advanced e-commerce platform with unique digital and social media skills. The company generates approximately 95% of its current business through its proprietary direct-to-consumer e-commerce platform, more recently complemented by the opening of the first Blenders flagship store in San Diego.
The brand, profitable since its inception and with strong current profitability, has fuelled its rapid growth through highly effective social marketing strategies, partnering with influencers, athletes, lifestyle enthusiasts, and product collaborations which have driven sales and brand awareness.
In 2019 the Company expects to reach profitable net sales of approximately USD 42 million, all generated in the United States and up around 40% compared to the previous year and with a 3-year CAGR of 175%.
Angelo Trocchia, Safilo’s Chief Executive Officer, said: “We are thrilled to welcome to Safilo an inspiring brand like Blenders Eyewear, a fast-growing e-commerce-powered business at the forefront of the latest direct to consumer and omni-channel capabilities, which will enrich our proprietary portfolio with new strong skills and a particular focus on our key US market.”
Chase Fisher, founder and CEO of Blenders Eyewear commented: “This marks a huge step forward for Blenders and we’re excited to be part of Safilo to reach a wider marketplace. Safilo’s product know-how and global distribution capabilities are the perfect complement to our digitally native business model, opening up worldwide expansion potential. We’re on a mission to build a thriving global community that inspires people to live in forward motion.”
Safilo acquired the 70% controlling interest in the Company, based on a total value on a cash-and debt free basis equal to USD 90 million.
Click HERE for the full press release.