Italian eyewear company Safilo Group has completed the acquisition of a 70% stake in California firm Blenders Eyewear. The agreement values the brand at US$90 million.
Blenders Eyewear was founded by Chase Fisher in 2012. One of its key features is the use of an advanced proprietary ecommerce platform, which accounts for 95% of its current business.
Its range appeals to a broad range of consumers with a focus on Millennials and Generation Z, both female and male.
Blenders Eyewear ended 2019 with sales of US$40.7 million, representing +38% year-on-year growth and a three-year CAGR of +174%.
According to Safilo Chief Executive Officer Angelo Trocchia, the acquisition allows the company to scale up its direct-to-consumer capabilities. He said: “The closing of the Blenders acquisition represents a big leap forward for us on the 360° digital transformation strategy we presented in December last year and which we are now accelerating in all its three key components, from the launch of the latest technologies in the B2B and CRM fields to the strengthening of digital and social marketing capabilities, to the direct-to-consumer distribution.
“Blenders Eyewear is a compelling price-to-value eyewear proposition, a digitally native business model and a strong ecommerce 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.”
He added, “We are working in difficult times, turning around our business in a challenging and fast-evolving marketplace. 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.”
Blenders Eyewear Founder and Chief Executive Officer Chase Fisher added, “We are excited to have finalised our union with Safilo, ready to progress faster than ever on our growth and development projects.”
