MILAN – Marcolin said Monday it has completed the acquisition of its subsidiary in Mexico, buying the remaining 49 percent of a joint venture established in 2018. At the time, it teamed with its Mexican distributor Moendi.
Financial terms were not disclosed.
The subsidiary is located in Mexico City and the new development is in sync with the company’s strategy to enhance its presence in key markets.
Marcolin’s global network consists of 15 worldwide branches, in Europe (Benelux, DACH, France, Italy, Nordics, Spain, U.K.); Russia; the Americas (U.S., Brazil, México); Asia (Hong Kong, Shanghai, Singapore), and Australia (Sydney). It also has a joint venture in the United Arab Emirates and distributes its products in more than 125 countries.
Last year, Marcolin secured a perpetual license for the production of Tom Ford’s eyewear collections.
In the 12 months ended Dec. 31, sales rose 20.1 percent to 547.4 million euros compared with 455.6 million euros in 2021.
Operating profit climbed almost 50 percent to 33.5 million euros from 22.4 million euros in 2021 and adjusted earnings before interest, taxes, depreciation and amortization amounted to 61 million euros, up 21.7 percent compared to 50.1 million euros in 2021. The strong results were attributed to several factors, including the consolidation of the brands in the portfolio, the implementation of a customer-centric digital transformation, and the continuous push toward production and procurement efficiency.
In March, Marcolin named Lara Marogna group style and product development director, reporting to CEO Fabrizio Curci. At the end of 2022, Marcolin Group counted about 2,000 employees.