Safilo Group CEO Angelo Trocchia has signalled a new phase of development for the eyewear powerhouse designed to leverage multiple drivers underpinning the sector’s long-term growth.
Trocchia offered a highly positive outlook for Safilo and its sector, as the company released its consolidated financial statements for the year ended 31 December 2022. The figures confirmed the preliminary result reported at the end of January.
Full-year revenues (see tables below) rose +11.1% at current exchange rates (+4.2% at constant exchange rates) to €1,076.7 million. That increase – +12% higher at constant exchange rates than in pre-COVID-19 pandemic 2019 – drove an adjusted EBITDA of €101.2 million, up +24.2% compared to 2021 and about +56% compared to 2019. The margin on sales came in at 9.4%.
Safilo noted that sales performance was even stronger at the organic business level – net of the effects of new and existing brands. This saw growth of +7.7% versus the prior year and almost +22% compared to pre-pandemic 2019.
The company closed the year with an adjusted net profit of €58.3 million. Safilo attributed this to a lighter financial structure, which benefited from significant debt reduction following a capital increase concluded in November 2021.
Safilo Chief Executive Officer Angelo Trocchia said: “Starting from 2019, Safilo has embarked on an ambitious strategic turnaround journey to re-establish the Group as a healthy and competitive player in the attractive eyewear sector.
“We are proud of the effective progress made so far by Safilo, notwithstanding challenging years of global health and economic crises which have required us to face reality with great pragmatism, often making difficult choices.
“We look to 2022 as the year in which we completed our first, fundamental turning point, fully overcoming important portfolio challenges,” Trocchia said.
He said this had been achieved through a combination of particularly strong organic growth, especially of key home brands, and the acquisition of two American brands in 2020 [Blenders Eyewear and Privé Revaux -Ed]. Safilo has also strengthened its digital business (see graphics below) and capabilities at a crucial time, he added, while also agreeing new license partnerships.
Looking ahead, Trocchia added: “While we maintain a cautious approach to the current year, which began in the wake of concerns regarding consumption trends in an uncertain and potentially volatile macroeconomic environment, we are, on the other hand, confident of the Group’s medium-term growth prospects.
“A new chapter in our story has begun, a new phase of development that will continue to leverage the multiple drivers underpinning the long-term growth of the eyewear sector, and build on the main strategic choices we initiated four years ago.
“Our medium-term ambitions therefore remain focused on our strong brand portfolio to effectively reach a broad audience of target consumers, powered by the sustained growth of our home brands, to be achieved organically but also via new acquisitions, and complemented by a diversified set of licensed brands.” 
