Italian eyewear company Safilo reported impressive growth in the third quarter, with net sales soaring by 14.9% to €226.6 million. The company also experienced organic growth of 5.6% and a substantial rise in adjusted EBITDA, reaching €22.6 million, representing an increase of 18.6%. The growth was primarily driven by the successful sales of sunglasses, which witnessed a remarkable 7.1% increase during the summer season. Additionally, Safilo’s prescription frames business performed exceptionally well in all key markets, which contributed to profit and margin improvements, despite facing challenges in the macroenvironment.
Safilo’s licensed brands, including popular names like Tommy Hilfiger, Hugo Boss, David Beckham, Under Armour, and Isabel Marant, played a pivotal role in driving its organic performance. Furthermore, the inclusion of Carolina Herrera, Chiara Ferragni, and Dsquared2 in its portfolio significantly contributed to securing substantial new business.
The resurgence of consumer footfall in physical stores presented Safilo with an opportunity to augment its business-to-business (B2B) platforms, particularly in Europe. The company experienced a striking 40% increase in its ‘You&Safilo’ business in Europe, compared to the same period last year.
During the first nine months of this year, Safilo’s net sales witnessed a noteworthy 12.7% surge to reach €831.3 million. Moreover, the company’s gross profit expanded considerably by 20.3% to €458.4 million, while its adjusted EBITDA escalated by 24% to €85.3 million. CEO Angelo Trocchia attributed Safilo’s outstanding performance to the strength of the European, Latin American, and Middle Eastern markets. Trocchia also highlighted the rebound of the Asian market, despite facing challenges and logistical delays. Additionally, he commended the resilience of the North American market, which demonstrated stability amid adversities.
Useful links:
1. Safilo’s Innovation Initiatives
2. Learn More About Safilo
