- Prachi Singh
Safilo Group has announced the acquisition of a 70 percent stake in the equity of the California company Blenders Eyewear LLC, based on a total value on a cash-and debt free basis equal to 90 million dollars. The company said that Chase Fisher will retain full ownership of 30 percent of the shares and, pursuant to the share purchase agreement, 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.
Commenting on the deal, Angelo Trocchia, Safilo’s Chief Executive Officer, said in a statement: “We are thrilled to welcome to Safilo an inspiring brand like Blenders Eyewear, a fast-growing e-commerce-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. With Blenders, we aim to foster and accelerate our e-commerce and omni-channel strategy.”
Safilo acquires stake in Blenders Eyewear
Founded in San Diego in 2012 by Chase Fisher, Blenders Eyewear has built an advanced e-commerce platform with unique digital and social media skills, which has achieved fast and profitable growth due to its world-class digital capabilities. The company generates approximately 95 percent of its current business through its proprietary direct-to-consumer e-commerce platform, more recently complemented by the opening of the first Blenders flagship store in San Diego. In 2019 the company expects to reach profitable net sales of approximately 42 million dollars, all generated in the United States and up around 40 percent compared to the previous year and with a 3-year CAGR of 175 percent.
“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,” added Chase Fisher, founder and CEO of Blenders Eyewear.
Picture credit:Blenders Eyewear via Safilo