Safilo acquires 70% stake in California ‘digitally native’ brand Blenders Eyewear

Breakdown of the deal

Safilo has today acquired a 70% controlling interest in Blenders Eyewear, based on a total value on a cash- and debt-free basis (i.e. Enterprise Value for 100% of the company) of US$90 million.

Chase Fisher will retain full ownership of 30% of the shares. His remaining interest is subject to customary reciprocal put and call options which can be exercised from 2023.

Fisher will remain CEO of Blenders Eyewear, which will continue to run out of its San Diego home.

The acquisition will be financed through available cash and credit facilities, and through a €30 million loan provided by Safilo’s reference shareholder, Multibrands Italy, controlled by HAL Holding.

The cash consideration and closing are subject to customary price adjustments and conditions.

Italian eyewear giant Safilo Group today announced the acquisition of a 70% stake in California firm Blenders Eyewear LLC from the company’s founding entrepreneur and full owner Chase Fisher. The agreement values Blender’s Eyewear at US$90 million (see sidebar).

Safilo said that Blenders Eyewear, founded by Fisher in San Diego in 2012, has built an advanced ecommerce platform with unique digital and social media skills. The company has achieved fast and profitable growth thanks to its world-class digital capabilities, Safilo noted.

Blenders Eyewear expects to reach “profitable” (detail unstated) net sales of approximately US$42 million in 2019. That revenue, all generated in the US, represents year-on-year growth of around +40% and three-year CAGR of +175%.

Blenders Eyewear generates approximately 95% of its business through its proprietary direct-to-consumer ecommerce platform. This platform was complemented in early 2019 by the opening of the first Blenders flagship store in San Diego.

Blenders Eyewear products are inspired by the California active and progressive lifestyle and offer a compelling price-to-value eyewear proposition, Safilo said. Its range appeals to a broad range of consumers with a focus on Millennials and Generation Z, both female and male.

“Safilo’s product know-how and global distribution capabilities are the perfect complement to our digitally native business model, opening up worldwide expansion potential” – Chase Fisher

“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,” Safilo said.

Safilo Chief Executive Officer Angelo Trocchia said: “We are thrilled to welcome to Safilo an inspiring brand like Blenders Eyewear, a fast-growing ecommerce-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.

Blenders Eyewear generates around 95% of sales through its ecommerce platform.


[Click on the YouTube Icon to view this video of the flagship store opening]

“Blenders is a disruptive, digitally native business model, founded on the principle of providing high-quality lifestyle and active eyewear, at affordable prices and with engaging brand content. A strong proposition rooted in a rapid expansion of brand awareness among its natural, fast-growing customer audience of Millennials and Generation Z. Blenders is entrenched in today’s social sphere and is experiencing significant social media success.

Chase Fisher says that the deal opens up worldwide expansion potential

“With Blenders, we aim to foster and accelerate our ecommerce and omnichannel strategy, leveraging on the digital DNA and proven capabilities of the brand and putting Safilo’s global capabilities at its disposal to enable global expansion of the brand.”

Chase Fisher 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.”

“A classic marriage of two companies”

Commentary from The Sage Group Managing Director and Partner Paul Altman and Vice President and Head of E-Commerce Andrew Dunst. The Sage Group represented Blenders Eyewear in the transaction.

Paul Altman: “Investors and buyers are looking for the growth and capabilities that these innovative companies bring to the table. Blenders is no exception, as it is been disrupting the eyewear industry with its authentic and highly branded product offering.

“Blenders’ skills in attracting millennial and generation z customers are formidable. Blenders has an unparalleled grip on its targeted demographics, and expertly knows how to communicate with them to build sustainable, lifetime value.

“Safilo is the perfect home for Blenders. As a global eyewear leader, Safilo will bring significant operational, marketing, and distribution capabilities to Blenders, and Blenders will naturally boost Safilo’s e-commerce firepower.”

“Given Sage’s consumer focus and the clear industry trends, we continue to see significant interest in digitally native brands. There is no doubt that investors and strategic buyers are prioritising e-commerce strategies as they look for deals.

“The performance has been incredible, with stratospheric growth and strong profitability. The strength of the numbers are the result of the core Blenders value proposition, which is to offer high-quality eyewear at the affordable segment of the market, and also reflects the company’s disciplined approach to customer acquisition.

“Safilo is the perfect home for Blenders. As a global eyewear leader, Safilo will bring significant operational, marketing, and distribution capabilities to Blenders, and Blenders will naturally boost Safilo’s e-commerce firepower.”

“Across industry verticals, there is a rising generation of disruptive digitally native brands with attractive growth profiles, go-to-market strategies, and compelling technologies. Leveraging deep domain expertise, Sage’s e-commerce practice is uniquely positioned to advise on critical topics including maximsing customer lifetime value, optimising transaction metrics, and analysing customer acquisition strategies and marketing efficiency.”

“Digital companies… attracting the most M&A interest have a grip on an attractive demographic, exhibit customer loyalty over a long period of time, spend its marketing dollars efficiently and prudently, and have meaningful offline potential”

Andrew Dunst: “Chase Fisher and the Blenders team have achieved something rarely seen from DTC brands today—meteoric sales growth while being profitable and completely self-funded. Blenders is among an exclusive cohort of digital brands that have been boot-strapped through exit, and we are starting to see more of these companies emerge.

“We see a more discerning buyer today — not all digital brands are created equal.  Ones attracting the most M&A interest have a grip on an attractive demographic, exhibit customer loyalty over a long period of time, spend its marketing dollars efficiently and prudently, and have meaningful offline potential.

“Safilo’s acquisition of Blenders is a classic marriage of two companies – Blenders can offer substantial e-commerce and digital marketing capabilities, while Safilo can provide a world-class infrastructure for Blenders to reach its full potential.

“Blenders is truly upending the eyewear industry with its direct-to-consumer sales model, affordable products, and unique marketing voice for men and women.”

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