Safilo completes acquisition of 70 percent stake in Blenders Eyewear
By Prachi Singh
2 Jun 2020
Safilo Group has announced the closing of 70 percent stake acquisition in the California company Blenders Eyewear LLC. Founded in San Diego in 2012 by Chase Fisher, Blenders Eyewear generates approximately 95 percent of its current business through its direct-to-consumer e-commerce platform. The company closed 2019 with net sales of 40.7 million dollars, up 38 percent compared to the previous year and with a 3-year CAGR of 174 percent.
Commenting on the development, Angelo Trocchia, Safilo’s Chief Executive Officer, said in a statement: “Blenders Eyewear is a compelling price-to-value eyewear proposition, a digitally native business model and a strong e-commerce pure player, which goes to enrich our proprietary brands portfolio in a crucial moment for our group’s business development and for our industry’s evolution.
We are working in difficult times, turning around our business in a challenging and fast-evolving marketplace and I am firmly convinced that a focused execution of our strategies will put our company in a stronger position, better equipped to meet our challenges head-on and to be frontrunners in some of the new business opportunities that lie ahead.”
The company added that overall consideration for the 70 percent controlling interest in the company is 63.9 million dollars (corresponding to 57.5 million euros). Chase Fisher, founder and CEO of Blenders Eyewear, will retain full ownership of 30 percent of the equity interests and, pursuant to the contractual terms, these remaining equity interests are subject to customary reciprocal put and call options which can be exercised starting from 2023. Chase Fisher will remain CEO of Blenders Eyewear, which will continue to run out of its San Diego home.
“Our results were very solid in the first quarter of the year, with sales up more than 30%, and further accelerating in April and May. Together with Safilo, we aim to continue scaling up our digital capabilities, constantly improving the customer journey and experience, alongside pioneering new ways of engaging with ever more demanding consumers, building profitable traffic and conversion,” added Chase Fisher.