Marcolin highlights strong FY23 ahead of official statements release

By Benedict Evans |

marcolin

The final release is subject to approval by the Shareholders’ Meeting on 4 April 2024.

The Board of Directors for eyewear brand Marcolin have presented the draft of the Group’s separate and consolidated financial statements for the year ended 31 December 2023.

The final release is subject to approval by the Shareholders’ Meeting on 4 April 2024.

High-level figures show its 2023 ended with net sales at €558.3m (£478.78m), up 2.0% compared to 2022.

There was a significant increase in terms of margins, with adjusted EBITDA reaching € 78.1 million (+ 27.9% compared to € 61.0 million in 2022).

The trend in the adjusted EBITDA margin was equally positive, standing at 14.0% of net sales.

Marcolin also recorded a net profit of € 10.2 million (+ € 16.0 million compared to the previous year).

Marcolin confirmed further growth in Asia, a high potential market where it saw +81.5% at current exchange rates and +81.9% at constant exchange rates). The performance of the EMEA area was positive (+1.7% at current exchange rates and +2.7% at constant exchange rates).

In 2023, Marcolin finalised two important strategic transactions: the perpetual licence agreement for Tom Ford Eyewear, and the acquisition of ic! berlin GmbH, an independent eyewear brand founded in Berlin in 1996.

marcolin

Marcolin also recorded a net profit of € 10.2 million (+ € 16.0 million compared to the previous year).

The Group also strengthened its presence in the Central American market through the acquisition of the residual 49% from minorities of its subsidiary in Mexico.

The adjusted net financial position stood at € 344.4 million, increasing by € 178.2 million compared to the previous year due to strategic investments mentioned above.

It financed both with available cash, solid cash flow generation during 2023 (deriving from operations), and finally through a new €30 million term loan.

 Between the end of 2023 and the first few months of 2024, Marcolin also announced the licence renewals with Pucci, Zegna, GCDS and MAX & Co.

The company has also entered into an exclusive licence agreement with Christian Louboutin, which will lead the French brand to debut in the eyewear category for the first time as from 2025.

READ MORE: Marcolin presents new sunglass style for Guess Eyewear in travel retail

READ MORE: Marcolin signs new eyewear deals with Christian Louboutin and MAX&Co

READ MORE: Marcolin and GCDS extend eyewear licensing agreement until 2028

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